In its latest report, Berg Insight is looking at in-store mobile wallet payments, forecasting their growth in Europe from less than 0.1 billion EUR in 2012 to 45 billion EUR in 2017 (CAGR of 275%). At that time, this will correspond to 1.6% of the credit and debit card payments.
Meanwhile, in North America – mobile wallet users completed in-store payments for a total of $0.5 billion (0.4 billion EUR) during 2012, with this figure poised to reach $44 billion (33 billion EUR) by 2017. At the end of the forecast period, the two regions will hit 78 billion EUR.
It is expected that few mobile wallet services will start rolling out in nearly half of the EU27+2 countries, with major operators, banks and retailers all lining up behind them.
In North America, Starbucks was especially keen to experiment with mobile services, and its smartphone app is accounting for the vast majority of all mobile wallet payments. In the longer term, however, universal mobile wallets such as those provided by Isis, Google and MCX will drive the majority of the mobile in-store purchase volume.
The required infrastructure for mobile wallet services is being rolled out as we speak, and key partnerships are being formed between all the parties involved. Still, a broad range of (value added) services beyond payments need to be made available to consumers to distinguish mobile wallets from the traditional payment instruments… And if you want to know more about Berg’s findings, you can download the report brochure from here (PDF).