Category: Mobile Payments

In the U.K., a rising number of people feel that they will be using their smartphones regularly in stores.

Though mobile payments have been slow to take off, they are rapidly becoming more popular and now a new study based on a survey from Lloyds Bank has shown that many consumers feel that they will be regularly using this tech within five years from now.

In fact, one quarter of the study participants felt that by the end of 5 years, mobile phones would replace cash.

One in four participants in the U.K. study felt that between mobile payments and contactless cards, they would no longer need to carry cash. Moreover, recent statistics from Barclaycard have revealed that contactless spending in the United Kingdom is three times greater than it had been a year ago. In the Lloyds survey, conducted by Ipsos Mori, with the participation of more than 2,000 people, 43 percent of consumers agreed that technology is the way that payments are going in the future.

The survey also showed that 1 in 3 people feel that mobile payments will be used daily in five years’ time.

Over the summer, Apple Pay made its way into the U.K., drawing a considerable spotlight to the concept of mobile wallets. That said, while there are quite a few people who believe that mobile devices will become a typical payment method within the next five years, there also remains a much larger number that has stated that this technology will never become their primary choice for completing payment transactions.

According to the stats from the survey, it looks as though it is younger consumers who are more enthusiastic about the use of their mobile devices for this purpose than their counterparts who are 45 years of age or older.

When survey participants were asked about why they were not yet using mobile payments, 44 percent stated that they were not satisfied with the security or safety of the transactions. Another 18 percent said that their mobile devices were not compatible with the necessary technology, and 17 percent said that they didn’t know anything about this form of transaction.

Global Mobile Wallet market to grow at a CAGR of 36.8 percent over the period 2014-2019. The Report “Global Mobile Wallet Market 2015-2019” has been prepared on the basis of an in-depth Mobile Wallet Market analysis with inputs from team of industry experts. It Includes Mobile Wallet Market growth prospects along with market landscape in upcoming years. The report also covers discussion on the key vendors operating in the Mobile Wallet Market Space.

Mobile Wallet Market 2015 Global Trends, Market Size, Share, Price, Segmentation, Research Report and Forecast 2015-2020.

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Mobile wallets are electronic accounts that enable people to manage their bank accounts through their cell phones. Their working is based on the NFC technology. They are considered a revolutionary trend in the Digital Payments industry. One can make bill payments and online purchases, while on the go. Increased adoption of smartphones, tablets, and other mobile technologies has transformed the ways in which customers make payments. Java-enabled and internet-based phones were used sparingly before the advent of smartphones because their usage was limited to SMS and calling options. Carrier charges were high during that time, which had led to reduced usage of mobile wallet services. In recent times, high competition in the Telecom market and an increase in adoption of smartphones and value-added services have propelled overall market growth considerably.

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The report Mobile Wallet Market Industry provides a comprehensive analysis of the Mobile Wallet Market.This report also includes detailed segmentation of the Mobile Wallet Market. The leading sector, emerging sectors, along with their growth statistics have been mentioned in the report.

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After a deep overview of the Mobile Wallet Market, the report analyzes the market dynamics. This report also include the top drivers supporting market growth as well as the key restraints hampering market growth.

Additionally, the report also states the threats ass well as opportunities that companies in the market need to look out for. The most influential trends that will shape the market during the forecasting horizon are also covered in this report. Current market development trends like a partnerships, collaborations, M&As etc., have also been discussed in detail in the report.

Players in the Mobile Wallet Market are aiming to expand their operations to emerging regions. An in-depth supply chain analysis in the report will give readers a better understanding of the Mobile Wallet Market.

Key Regions

Americas
APAC
EMEA

Key Vendors

Amazon.com
Apple
Citrus Payment Solutions
First Data
Google
MasterCard
One97 Communications
Oxigen Services India
PayPal
Softcard
Visa

Important Questions Answered in report:-

What will the expected Compound Annual Growth Rate For “Mobile Wallet Market”?
What will the Mobile Wallet Market size be in 2019?
What is driving this market?
What are the challenges related to Mobile Wallet Market growth?
What are the key market trends?
Who are the key vendors in Mobile Wallet Market area?
What are the market opportunities?
What are the strengths as well as weaknesses of the key vendors?
Which are the threats faced by the key vendors?