Growth of The Mobile Wallet

The main reason consumers have become so dependent on their mobile devices is because of the convenience they provide.  We can access information, our email and make purchases from virtually anywhere. While many consumers have been slow to adopt their mobile devices as a form of payment, new research is showing that consumers are starting to warm to mobile payment.

• From Q2 to Q4 of 2012, there was a 20% growth among mobile wifi users who made mobile in-store payments

• The number of mobile wifi users who were unaware that you could make mobile point of sale payments fell by nearly 30%

• PayPal is the top mobile payment provider, nearly one-third of all consumers who made a mobile point of sale purchase used PayPal.  From  Q2 to Q4, PayPal growth jumped nearly 40%

• The number of consumers who used Amazon Payments increased by 43%

• 10% of mobile point of sale consumers used Google Wallet as a solution

• 9% of mobile wifi users who had not made a purchase via mobile device said they will in the future

What Does This Mean To You?

Consumers usually don’t go anywhere without their mobile devices, but people still leave their homes without their wallets. Mobile point of sale is expected to take off in the near future.  As a businesses it would be a wise thing to start investigating solutions.  At the very least, look into taking PayPal at point of sale,  Your first step is to offering mobile wifi in your locations.  While some retailer are wary of showrooming, it the benefits may out way the risk.  In tomorrow’s post we’ll look into the activities that mobile device users take part in while using mobile wifi in store.  For more information on mobile payments and how you can leverage more sales, please contact:
Al Fiala
amfiala@gmail.com

Source: eMarketer; JiWire

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