The sheer number of options out there for mobile wallet systems should clue most anyone in that this is one big market.
New word from Grand View Research, meanwhile, underscores just how big this market is poised to get, and when we’re talking numbers in the trillions of dollars, we can be sure that this is a market to take seriously.
The Grand View Research report projects that, by 2024, the total market value for mobile wallets will reach $7.58191 trillion dollars, which would actually be enough to make it the world’s third largest economy, coming in between China at around $11.4 trillion and Japan at $4.1 trillion.
Several major developments are contributing to these gains, like more mobile wallet options available for consumers and more stores willing to take mobile wallets.
Plus, new security issues and better government policies are stepping up to help drive some demand as the major demand for a secure mobile payments alternative is on the rise.
Improving development in near-field communications (NFC) systems makes it easier to offer mobile wallet services, and that improved ease of access bolsters interest in the field.
Throw in increasing interest from different market sectors in both supply, like banks, and demand, like metro transit systems, and the market is primed to take off.
That combination of factors is a perfect storm–and in the best possible sense–for businesses. There’s a lot going on here; we’ve recently seen how the South Korean mobile market is taking off, and the United Kingdom market is likewise gaining.
As the technology improves, and we all have to admit that mobile payments are still a young market, the demand will likely only increase.
As the systems get better and offer more value to users by incorporating reward programs directly into the payment system, among other possible technological improvements, it’s likely to only pull more interest in.
The market gains for mobile payments have been huge so far, and it’s a safe bet they’ll keep growing from here. That’s good news for mobile, if it can keep its development pace running.
by: Mike Dautner via Paymentweek.com
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