The global increase in smartphone penetration is set to boost the value of the mobile wallet market to USD 1,602.4 billion by 2018, according to a report by Transparency Market Research.
The global compound annual growth rate (CAGR) during the 2012-2018 forecast period is expected to be 30.7 percent, with EMEA predicted to be the largest market for the mobile wallet industry in 2018.
Asia-Pacific is expected to be the fastest growing region in terms of revenue during the forecast period, with a CAGR of 31.0 percent.
The report adds that budget smartphones and the inclusion of NFC technology in handsets and Point of Sale (POS) terminals are expected to drive this market over the next few years.
However, lack of awareness regarding the functioning of mobile wallets as well as considerable concerns among users about security and privacy are a few factors that may hinder market growth.
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Source: Telecompaper