Tag: mobile wallet news

Report sheds light on wallet applications

Allied Market Research has released a new report that focuses on the growing value of mobile wallets. Mobile commerce has taken hold in many countries around the world, which has exposed consumers to mobile wallets. These tend to be simple applications that are designed to store a consumer’s financial information as well as digital information being provided by retailers and merchants in general. This information typically takes the form of loyalty rewards, but mobile wallets can also be used to store digital versions of tickets to events and travel passes.

Consumers may be growing more interested in wallet apps

While mobile commerce has helped boost the popularity of mobile wallet applications, the growing reliance that many people are forming on their smartphones and tablets has ensured that these applications have a strong future. Even those that are uninterested in mobile commerce can make use of these wallet applications, using them as a convenient form of storage.

Mobile wallet market to hit $50 billion by 2020

The report from Allied Market Research predicts that the global mobile wallet market will reach $50 billion by the end of 2020, experiencing a compound annual growth rate of 127% from 2013 to 2020. The report suggests that the majority of consumers that embrace wallet applications will use these platforms to participate in mobile commerce in some manner. Notably, the report predicts that the number of NFC-based mobile wallets will increase in the coming years despite the dropping popularity of NFC in the mobile commerce field.

Caution concerning NFC remains strong

NFC devices are becoming more abundant as device makers and mobile operators work to expose consumers to new technology. NFC had been quite popular in mobile commerce in the past, but security concerns have lead to something of an exodus away from this technology. Despite these security concerns, however, NFC devices are still finding their way to consumers, many of whom are using NFC technology simply to share digital information rather than participate in mobile commerce.

Mike Abbot presented the future of this smartphone based program.

Money2020 was stirring with the latest mobile payments news that was released by the Isis smartphone based wallet through the presentation made by its CEO, Mike Abbott.

The primary focus of the presentation was that the service makes paying simple, secure, and smarter.

The central element of the Isis mobile payments wallet is that a user is able to add a multiple credit cards into this digital service, and that each of these cards can be accessed through a single password or pin. Moreover, the type of card that can be added to the wallet is not limited to credit.

This mobile payments service also holds loyalty cards and opportunities for discounts and offers.

For example, beyond the loyalty cards that allow for points collection and redemption, for example, this mobile payments service also gives users the ability to receive and store coupons and deal offers that can be redeemed in store.

The mobile payments wallet is based on technology referred to as Smart Tap. This is an NFC based technology that allows a smartphone to be tapped against a reader device in order to complete a transaction.

Abbot announced that new phones are now being rolled out through partnerships with Verizon Wireless, AT&T Mobile, and T-Mobile. These devices will be sold with the Isis wallet preloaded, so that consumers will automatically have this service available to them upon the purchase of their devices. The launch of the preloaded phones will occur within the last quarter of this year.

It was noted that while some may think that mobile payments are not taking off at a rapid rate, the latest predictions for the United States are implying that half (50 percent) of all households will be using this type of transaction in at least one form by the year 2020. This indicates that the potential for growth in mobile wallets that are not limited to a single type of card and that also include loyalty programs and coupons, is a tremendous one and that it should not be overlooked or underestimated.