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Tuesday, January 07, 2014
Mobile Wallet Usage to Increase to over 40% of Smartphone Users by 2017
Parks Associates announces new mobile and apps research at CONNECTIONS™ Summit at CES
Parks Associates research finds over 40 million U.S. consumers, or 20% of all smartphone users, used at least one mobile proximity or mobile e-commerce wallet in 2013, and usage will increase to nearly 113 million, or 43% of all smartphone users, by 2017.
“After years in development, the mobile wallet market is making progress towards viability,” said Jennifer Kent, Senior Analyst, Parks Associates. “Mobile wallet apps exist at the intersection of marketing and payment, and because of this unique position, they are valuable and insightful tools for merchants and advertisers.”
Parks Associates announced the new research Transforming Commerce: Mobile Wallets and LBS during the ninth-annual CONNECTIONS™ Summit at CES, which features sessions on January 7 in Las Vegas with high-level executives from LG Electronics, AT&T, Cisco, Hitachi, Samsung, and others.
“Previously, market watchers used the success or failure of NFC as a barometer for the potential of the mobile wallet market, but barcode-based apps, not NFC, dominate current in-person use,” Kent said. “With the rise of barcode, cloud, and Bluetooth-based wallets, the mobile wallet market no longer depends so exclusively on one technology. This diversification, while messy for the consumer, will help developers and industry stakeholders hone in on the best value propositions for both consumers and merchants.”
Research from Parks Associates shows nearly 50% of holiday CE shoppers in 2013 planned to use their smartphones while shopping. Among CE shoppers, 35% planned to use their smartphones to look up product information, while 31% planned to use mobile apps for holiday shopping.
“We saw mobile apps and social media play an increasingly important role in holiday shopping, with almost 1 in 2 holiday CE shoppers using their smartphones as part of the shopping process," Kent said. "More than 38% of those planning to spend $1,000 or more were using mobile apps for holiday shopping."
Even as the technology ecosystem diversifies, Parks Associates analysts expect that consumer demand will push the market for mobile wallets to consolidate in other areas.
“Stand-alone mobile wallet services, such as P2P funds transfers and coupon/receipt storage, will become incorporated into full-featured wallet apps,” Kent said. “Additionally, proximity and e-commerce wallets will become less distinct as consumers will expect to access their payment credentials stored in their wallet apps whether they are shopping in-person or online.“
Transforming Commerce: Mobile Wallets and LBS examines the impact of mobile payment applications and location-based services (LBS) and technologies on retail and commerce. The report evaluates the prospects of several competing mobile wallet approaches and profiles the leading mobile wallet solutions. The report assesses the opportunities and challenges of mobile wallets for key industry stakeholders, including mobile carriers, merchants, and payment industry players. The report also includes recent consumer analytics on mobile wallet app use and provides a forecast of mobile wallet users and mobile wallet transaction values through 2017.
About Parks Associates: Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Smart Energy Summit: Engaging the Consumer, and Connected Health Summit: Engaging Consumers.
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