25% of smartphone owners have used mobile wallet technology at least once
More and more shoppers are looking to alternative payment methods such as PayPal, Apple Pay and Google Wallet so retailers really do need to begin to address these new developments and changes in shopper behavior.
The findings of Blueshift Research suggest that 11.4% of smartphone owners regularly use some form of digital wallet and another 14% have used this payment method at least once. A small number (1.6%) have just signed up and are yet to begin to use it.
It’s no surprise to learn that the smartphone-addicted generation – those aged between 18 and 29 – account for the largest percentage of mobile wallet users (45%). However, it is surprising to learn from the research that more than a quarter (28.5%) are age 60+.
Earlier this year, Juniper Research released its “Mobile Wallets: Strategies for Developed and Developing Markets 2014-2019” report. It predicted significant growth in mobile wallet functionality 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.
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.
