Germany-based E-Commerce and Online Payment research specialist yStats.com has published a new report devoted to the growth of mobile wallets. “Global Mobile Wallets 2017: Market Opportunities and Competition” synthesizes relevant market data and consumer surveys, while also profiling the three major mobile wallets: Android Pay, Apple Pay and Samsung Pay.
The explosive growth of mobile payments worldwide triggered the emergence of various new payment options, the most prominent of which are mobile wallets. Tech giants, banks, card networks, telecom operators, payment companies and merchants have introduced multiple digital wallet solutions to the market, attracted by the multi-billion mobile payments opportunity, as detailed in the yStats.com report.
Consumers in Asia-Pacific were most responsive to the numerous mobile wallets offerings, compared to other global regions, but even there less than a quarter of mobile shoppers pay with mobile wallets, according to a recent survey cited in the yStats.com report. Overall, smartphone owners in emerging markets, such as India, South Africa and the UAE are more likely to adapt mobile wallets in the future than consumers in some advanced economies, such as Germany.
Nevertheless, the currently more advanced and digitalized market in the USA was the first choice of Apple and Google for launching their respective mobile wallet solutions, Apple Pay and Android Pay. The yStats.com publication provides comprehensive profiles of these solutions and that of Samsung Pay, and compares them in terms of features, geographical availability and usage rates.