Berg Insight says mass adoption coming in 2016
The European market for mobile wallet services is developing quickly, with substantial momentum behind NFC wallet services says a new market report ‘Mobile Wallet Services’ from Berg Insight. It aims to analyse the latest developments on the mobile payments market in Europe and North America. It predicts that a hefty number of wallet services will be launched by both financial institutions and MNO [Mobile Network Operators] by Q1 2014. Consequently, there will be mobile wallet services live in nearly half of the EU27 plus 2 countries.
However, Berg Insight expects that 2016–2017 will be the first years in which mobile wallets approach mass market penetration and more than ten million new wallet users will then be added on an annual basis.
The number of active mobile wallet users is projected to increase from 0.5 million in 2012 to 42 million in 2017, whereas the in-store payments volume will grow from well below €0.1 billion in 2012 to €45 billion in 2017.
There were approximately 7.5 million mobile wallet users in North America by Q1 2013 which completed in-store payments for a total of $0.5 billion (€0.4 billion) during the year.
This was mainly due to the phenomenal success of Starbucks’ application for mobile payments that had around 7 million users by Q1 2013.
Companies such as Google, Isis, MCX, PayPal, CIBC, LevelUp and Square are competing to become the consumer’s wallet of choice.
During 2013, Berg Insight predicts that commercial mobile wallet services will have been launched by MNOs like Telefónica, Orange, T-Mobile, Vodafone plus financial houses such as ING Bank, BNP Paribas, Barclaycard, Swedbank, mBank, PKO Bank Polski, Seamless, Auchan and PayPal.
For more information download the brochure from here.