Mobile Wallet Usage to Increase to Over 40% of USA Smartphone Users by 2017
Published on: 7th Jan 2014
Over 40 million U.S. consumers or 20% of all smartphone users used at least one mobile proximity or mobile e commerce wallet in 2013 and usage will increase to nearly 113 million or 43% of all smartphone users by 2017 according to Parks Associates.
"After years in development, the mobile wallet market is making progress towards viability," said Jennifer Kent, Senior Analyst, Parks Associates. "Mobile wallet apps exist at the intersection of marketing and payment, and because of this unique position, they are valuable and insightful tools for merchants and advertisers."
"Previously, market watchers used the success or failure of NFC as a barometer for the potential of the mobile wallet market, but barcode-based apps, not NFC, dominate current in-person use," Kent said. "With the rise of barcode, cloud, and Bluetooth-based wallets, the mobile wallet market no longer depends so exclusively on one technology. This diversification, while messy for the consumer, will help developers and industry stakeholders hone in on the best value propositions for both consumers and merchants."
Research from Parks Associates shows nearly 50% of holiday CE shoppers in 2013 planned to use their smartphones while shopping. Among CE shoppers, 35% planned to use their smartphones to look up product information, while 31% planned to use mobile apps for holiday shopping.
"We saw mobile apps and social media play an increasingly important role in holiday shopping, with almost 1 in 2 holiday CE shoppers using their smartphones as part of the shopping process," Kent said. "More than 38% of those planning to spend $1,000 or more were using mobile apps for holiday shopping."