Thursday, September 26, 2013

Mobile wallets growth stalls in 2013

Slow adoption, lack of merchant enthusiasm, fragmented offerings and blocking by competitors have all resulted in stalled growth for mobile wallets, according to a report by Javelin Strategy & Research.
More mobile wallet players have been competing for less space in 2013, as small and large competitors position themselves in anticipation of coming growth in the area.
The largest movement has been in digital wallets, with growth in mobile app and mobile online payments dwarfing that of mobile proximity payments. Digital wallets are an effective positioning tool for mobile wallets, opening up the door for frictionless adoption of mobile wallets among current digital wallet customers. Large content ecosystems, such as those managed by Amazon, Apple, Facebook and Google, provide a competitive advantage that has yet to be used to its full potential, according to researchers.
The report analyses the mobile wallet industry, leading technologies in the field and consumer sentiment and adoption within the market. It is based on one online survey of more than 3,000 consumers and executive interviews among major competitors in the payment and wallet industry.

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