Wallet applications help boost adoption of mobile commerce
As mobile commerce continues to grab the interest of consumers around the world, the competition in the mobile wallet field is beginning to heat up. Mobile wallets are the platforms through which mobile payments are made. These simple mobile applications store a consumer’s financial information, accessing this information in order to facilitate a payment. Most conventional mobile wallets are based on NFC technology, but because this technology is still somewhat exclusive in the mobile commerce sector, wallet applications are becoming more connected to cloud networks, allowing all manner of mobile device to participate in mobile commerce.
Report highlights the growth of mobile wallets
Transparency Market Research, a leading market research firm, has released a new report concerning the growth of the mobile wallet market. According to the report, mobile commerce is on the rise as more people demand comprehensive mobile payment platforms. The proliferation of smartphones and tablets has enabled more people to shop online and make purchases from their mobile devices. The report suggests that the growth of mobile commerce is linked to the expanded use of NFC technology. While most phones do not natively support this technology, NFC tags are being used to provide consumers with a way to participate in mobile commerce to some degree.
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Mobile wallet transactions slated for strong growth
The report predicts that the Europe, Middle East, and African markets will account for the largest growth in the mobile wallet sector in 2018. Transactions made through mobile wallets are expected to reach $1.4 billion by the end of 2018. Mobile wallets that do not use NFC technology as expected to gain more momentum in the coming years, especially as consumers continue to show concerns regarding the safety of NFC.
Asian Pacific region shows strong potential in revenue growth
In terms of revenue, the Asian market is expected to show the most progress in the coming years. Many consumers in the Asian Pacific region have shown an aggressive acceptance of mobile commerce and many have been willing to shrug off the security concerns that exist in this still emerging industry. Consumers are not the only ones that have been embracing mobile commerce, of course, as many businesses have also been growing more acclimated to the concept of accepting mobile payments.