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Mobile Payments

Mobile wallet adoption to rise to 1,722 million in 2023 - report

Monday 7 March 2016 | 10:12 AM CET

The number of active mobile wallet users will rise from 409 million in 2015 to 1,722 million in 2023, recent research shows.

Research from Frost & Sullivan predicts that mobile payment transaction values will increase from EUR 289.02 billion in 2014 to EUR 1,516.70 billion in 2020, representing a compound annual growth rate (CAGR) of 31.8%.

In 2020, Asia Pacific will account for the highest proportion of mobile payment transactions by value (29.2%), followed by Europe (23.1%), the ‘Mobile Wallets — Amazon, Apple and Google Seek the Winning Strategy’ report forecasts.

The reason for the surge in 2017 and 2018 in particular is the availability of mobile payment and mobile wallet-enabled smartphones, says the report. Due to security concerns, some customers will opt for cloud-based solutions with the support of tokenization.

The rise of wearable technology for payment purposes will too have a part to play in the development of innovative and disruptive mobile payment solutions.

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