Mobile wallet adoption may not be mainstream for years

Mobile payments trends wallet

According to a recent report from eMarketer, there is still quite some time before this tech will be commonplace.

According to a report that was recently released by eMarketer, the use of mobile wallet transactions will rise considerably in the United States in 2015, but it will still be a long time before shoppers will be willing to use smartphone payments instead of cash or credit cards.

Over the short term, it doesn’t look as though there is going to be much of a difference in payment transactions.

An analyst from eMarketer, Bryan Yeager, said in the company’s release that “The more things change in the US mobile payments space, the more they seem to stay the same — at least in the short term.” He also added that “Despite a wider range of available technology and adoption from more merchants, consumers remain tepid about paying for goods and services with their phone at the point of sale.” Therefore, it doesn’t look as though mobile wallets will be creating a kind of payment revolution, quite yet.

Equally, eMarketer added that mobile wallet based spending will continue climbing in coming years.

Mobile wallet paymentsThe firm said that the spending over mobile payments will particularly begin rising when people start to use this technology for making big ticket purchases.

Similarly, Yeager has released a prediction that by the end of 2014, American consumers will have completed about $3.5 billion in purchases through the use of their smartphones. By the close of next year, that figure is expected to have increased by 150 percent. Still, though, this is still a long way from representing a mainstream shift toward mobile payments in the United States, despite a predicted spend of $27.47 billion by the end of 2016 and then quadrupling itself in 2017 in order to come to an estimated $118.01 billion.

The mobile wallet addition by Apple (Apple Pay) to its newest models of iPhones and as the PayPal online financial services division has broken away from eBay, the market has gained a great deal of media attention, but it makes it all the more obvious that there remains tremendous fragmentation within the market.

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