Mobile wallet growth ‘reaching tipping point’

Three years on from the launch of Apple Pay, mobile wallet adoption is on the rise globally and consumers in the US and Europe are beginning to catch their Asia and Latin America counterparts, new research shows.

The data of more than 6,000 consumers, which was conducted ACI Worldwide and Aite, found that 17 per cent of US consumers now regularly use their smartphone to pay, up from six per cent in 2014.

In Europe, Spanish consumers are the most active users of mobile wallets, with 25 per cent using them regularly, followed by Italy (24 per cent), Sweden (23 per cent) and the UK (14 per cent).

The research suggests that US and European consumers are catching up to those in fast-growing economies in Asia and Latin America where mobile wallets have already become the dominant payment platform.

India tops the list of countries surveyed, with 56 per cent of consumers saying they pay with a smartphone regularly, followed by Thailand (51 per cent) and Indonesia (47 per cent).

The survey also found that consumer confidence regarding mobile wallet security remains high. In the UK, 37 per cent of respondents said they trust their bank to protect their personal information when paying via smartphone. In France the figure is 40 per cent; and in Holland, 28 per cent.

Mark Ranta, head of digital banking solutions at ACI Worldwide, said: “Mobile wallets really started to grow in popularity after the launch of Apple Pay almost three years ago.

“What we are seeing is a tipping point regarding adoption, which can be attributed to consumers worldwide now almost exclusively using payment-enabled devices, as older models have cycled out, with a few exceptions.”

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