As the payments industry landscape constantly changes, merchants, consumers, and banks are always looking toward new trends. In 2015, the biggest new trend has been mobile wallets
. Recent studies estimate that nearly 1 out of every 6 American shoppers has used mobile payment technology to pay for goods or services. Whether it’s through branded mobile apps or unique offerings like Apple Pay, shoppers in the U.S. are turning to the convenience of mobile devices to spend money.
The Impact of Mobile Wallets
reports that 15% of American shoppers have used a mobile payment solution in the past six months, up 9% from the same period in 2013. Additionally, mobile wallet users are expected to increase 22% in the next six months, giving a hopeful outlook to the future of mobile wallet adoption.
NFC (near-field communication) payment technology is beginning to change the way people pay for goods. After all, why go through the process of swiping cards through pay terminals (which have a high risk for fraud) when you can simply load the same data on your phone and pay in mere seconds? The ease-of-use factor initially attracted only technology enthusiasts, but is now extending to the average shopper.
Merchant Mobile App Wallets
A large part of the jump in mobile wallet popularity is stemmed from major brands launching their own apps, complete with payment options. One standout example is Starbucks
, which features an app that allows consumers to upload payment options (including gift cards), use coupons, and more. Transactions are conducted by scanning a user’s mobile device, and takes just seconds to complete.
Other Mobile Wallets
One of the largest success stories in 2015 belonged to Apple, with their all-new mobile payment function Apple Pay
. Though PayPal still reigns when it comes to mobile wallets, Apple Pay has won over a large portion of iPhone users and merchants, such as Macy’s, Panera Bread, JetBlue, Petco, and more. According to NFCWorld.com, PayPal leads the pack with 71% preferring their wallet, with Apple (55%), Amazon (49%), Google (48%), and Microsoft (34%) trailing.
The Future of Mobile Wallets
The surge in popularity behind mobile payment solutions
signals a new trend in e-commerce, and could possibly completely change the way that human beings acquire goods and services. With newer, more convenient options debuting almost every year, it’s hard to deny that people are catching on to mobile wallets and prefer to use a payment option that is quicker, and less likely to result in fraud.