The battle for wallets
Written by Mark Evans
A study from Juniper Research finds nearly 2.1 billion consumers worldwide will use a mobile wallet to make a payment or send money in 2019, up by nearly 30 per cent on the 1.6 billion recorded at the end of 2017.
The report, Mobile Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2018-2022, concludes that PayPal, which has begun offering contactless payments instore in the US, had the greatest opportunities to develop a converged wallet on a worldwide basis, closely followed by China’s Alipay.
According to the research, the greater security offered by NFC-based wallets, which include tokenised credentials and, increasingly, biometric authentication, make them more attractive to both consumers and merchants.