The world of payments is in turmoil. There are hundreds of new ideas, scores of new entrants and competition from everywhere and everything. Anything is possible. But not everything will survive. There will be big winners and big losers.
One contender is mobile wallets. Will they emerge as a dominant force in the U.S., as they have in other countries? Or will they live at the margins before being supplanted by simpler solutions as we evolve away from carrying the supercomputers we call “phones” in our pockets?
Our MoneyScreen research program—which is on track to survey 30,000 consumers in North America this year—benchmarks and tracks payment innovation across all aspects of the industry and provides access to well profiled consumers for on-going concept development and testing.
As part of that program we have been tracking mobile wallets. Currently mobile wallets have been used by one in four Americans to make an in-store POS purchase. But where will we go from here? Onward and upward or off to the sidelines?
Estimates for 2020 range from $50 billion spent through mobile wallets up to over $300 billion. Even McKinsey reports valid scenarios ranging from $50 to $200 billion.
Drawing on MoneyScreen and other data sources, we’ve assembled a whitepaper entitled Mobile Wallets in the U.S.: Unlocking Consumer Potential.
• Mobile wallet usage and awareness in the U.S.;
• Mobile potential;
• The dynamic market for mobile wallets in China;
• The UK, where mobile wallets may be being eclipsed;
• Potential upside for your business;
• Barriers to adoption and drivers of usage;
• Implications for promoting mobile wallet use.
Download our free whitepaper and learn more about the fate of the mobile wallet in the turbulent world of payments.