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20% of mobile phones will have mobile wallet functionality by 2018
A new report from Juniper Research forecasts that one in five of all mobile phones will include mobile wallet functionality by 2018 compared with less than 10% at the end of 2013.
In their newest report, "Mobile Wallets: Strategies for Developed and Developing Markets 2014-2019", Juniper predicts significant growth in mobile wallet functionality. That growth will be driven by Stored Value Accounts which are "increasingly enabling first time financial access for unbanked individuals" along with a rise in deployments across sub-Saharan Africa, developing Asia and Latin America.
Juniper also predicts that mobile wallets will get a significant boost from the anticipated launch of an Apple iWallet this year and via Host Card Emulation-based NFC services.
The mobile wallet profile would also be boosted via high-profile P2P (Person to Person) payment initiatives, says Windsor Holden, author of the report. Such initiatives include the UK's Paym and start-ups such as Dwolla and Venmo in the U.S.
"While P2P mobile payment services have struggled to gain traction in developed markets, financial institutions are keen to commit to them as they can serve as an attractive value-add to consumers in an increasingly cashless society," said Holden.
Earlier this year, a study from the Yankee Group revealed that 67% of Americans now own a smartphone, but few use them as mobile wallets to make in-store payments. In the last three months, just 16% of mobile phone owners had used their device to make a payment in-store.
Even among those using mobile wallets almost three quarters (73%) were not using them very frequently - fewer than five times per month.
Image via Shutterstock
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