Mobile wallet spend to rise by more than 30% this year, reaching US$1.35trn says Juniper Research

Global spend via mobile wallets is expected to rise by nearly 32% this year to US$1.35 trillion. That is according to a new study from Juniper Research.

The study, Mobile Wallets: Service Provider Analysis, Market Opportunities & Forecasts, found that spend is currently concentrated in the Far East and China, due primarily to the success of Alipay and WeChat. However, it claimed that moves by PayPal and Apple to offer wallets which can be used both instore and online means that wallets will increasingly become the default payment mechanism in other markets.

PayPal in pole position

The research, which forms the most comprehensive report on the wallet industry available in the market, highlighted PayPal’s decision to introduce an HCE (Host Card Emulation) NFC solution to enable POS payments as a key disruptive moment in the wallet wars. According to the research, this – allied to the burgeoning success of its social payments subsidiary Venmo – places PayPal in pole position to capitalise on the increased demand for mobile wallets.

Indeed, the company classified PayPal as the “Established Leader” within its Mobile Wallets Leaderboard, which provides a comparative assessment of wallet providers including Alipay, Apple, Mastercard, Paytm, Samsung and WeChat.

European market to benefit from re-regulation

Dr Windsor Holden

Additionally, the research argued that the implementation of the PSD2 (Payment Services Directive 2) legislation should spur further competition within the European wallet space, with existing players poised to introduce additional services to complement their payment offerings.

However, it warned that outside emerging markets, remaining mobile network operator wallet ventures were unlikely to gain traction. According to research author Dr Windsor Holden, “Network operators remain wedded to offline payments based on an NFC SIM card, at a time when more agile competitors are deploying integrated HCE wallets that also enable online usage.”

The complimentary whitepaper, ‘War of the Wallets’, is available to download from the Juniper website together with further details of the full research and the attendant Interactive Forecast Excel (IFxl).

Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow

RECENT ARTICLES

Newly upgraded FineShare FineCam! A smart virtual camera makes video production easier

Posted on: August 11, 2022

Los Angeles, United States. 08 August, 2022 – FineShare Co., Ltd. announced the latest version of FineShare FineCam – an AI-powered virtual camera software. To meet the expectations of customers, FineShare FineCam now is available for Mac and rolls out some brand new features including advanced adjustment, webcam overlay, branding templates, low light video booster, auto framing, etc.

Read more

Neosensory launches new hearing loss solution, outperforming hearing aids

Posted on: August 10, 2022

San Mateo, United States. 09 August, 2022 – Neosensory, a technology company designing solutions for hearing health, is thrilled to announce the launch of its latest solution: a wristband for people with hearing loss to experience speech without hearing aids or invasive surgery. Clarify is a ground-breaking wristband and the first alternative to hearing aids and sound amplifiers

Read more
FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox