The mobile wallet market in Europe is about to explode and grow at a compound annual growth rate (CAGR) of 32.87% between now and 2019. Increased collaboration among mobile operators is one of the key drivers of the market.
Dublin-based Research and Markets latest report says increased use of m-commerce is one of the key trends emerging in this market. This trend is expected to exert significant influence on market growth owing to high convenience and ease of payment facilitated through the increased use of smartphones and initiatives undertaken to equip PoS devices in convenience stores.
According to the report, with the growing contribution of the mobile industry to the global GDP, policy makers are initiating changes, which will ensure adequate innovation and investment by all players.
Further, the report states that the mobile wallet market in Europe is witnessing intense competition among all types of participant and customer categories, with each category trying to eat into the shares of the other. Many banks lack the ability to leverage publicly available POS capabilities while most of the banks do not support cards across financial institutions.
Mobile wallets are electronic accounts that can be operated through cellphones and are based on the NFC technology. They help account holders pay their bills or make purchases on the go. Mobile wallets have revolutionized the Digital Payments industry. Increased adoption of smartphones, tablets, and other mobile technologies has changed the way customers make their payments. Before the advent of smartphones, Java-enabled and internet-based phones were used sparingly because the usage was limited to SMS and calling options. Notably, carrier charges were high during that time, which had resulted in lesser usage among customers.
For more data on m-payments access CardData®. For information and commentary on m-payments visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAMResearch® forecasts on m-payments are available exclusively through CardWeb.com.®