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- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
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- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
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- Study finds traditional financial institutions embrace Fintech disruption
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- Millennials’ needs are changing the face of banking industry, says new report
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- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
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- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
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- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
23rd July 2019
Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
Consumer spending via digital wallets across Europe and North America will increase by 40% this year to nearly $790bn, according to a new study from Juniper Research. It argued that the largest growth in 2019 would come from instore payments, with mobile contactless payments more than doubling across these regions.
The study, “Digital Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2019-2024”, found that while eRetail spend through wallets would remain the largest contributor to consumer spend, continued migration from cash would see a surge in wallet use at POS. It argued that this was particularly the case amongst younger demographics and in the US, where a third of iPhones are now used for contactless payments.
The report highlighted the importance of digital wallet providers establishing partnerships with leading banks to maximise reach amongst consumers. The analysis found that Apple far outstripped its rivals; achieving the largest addressable share of banking consumers in 7 of the 10 national markets assessed.
In the online space, the study found that wallets, including Apple Pay, Amazon Pay and Visa Checkout, had also significantly expanded their availability at merchant sites, although all lagged well behind PayPal in this regard.
Meanwhile, social payments through wallets will grow strongly both this year and beyond; a trend expected to be accelerated in 2020 by the emergence of Facebook’s Calibra wallet and its attendant Libra cryptocurrency.
However, the study was less optimistic about prospects for Wearable-Pay wallets; arguing that their limited addressable bases and functional constraints meant they would struggle against converged wallets - providing an extensive portfolio of online and offline payment offerings.
Nick Maynard, Juniper Research Analyst, said: “Wearable-Pay solutions are still completely dependent on the smartphone and are ultimately limited to a single use case. They are thus likely to remain, at best, a niche offering.”
