2.1 billion users to use mobile wallet globally in 2019, reveals study

Representative Image
Mobile payment

A new study from Juniper Research has found that nearly 2.1 billion consumers worldwide will use a mobile wallet to make a payment or send money in 2019, up by nearly 30 per cent on the 1.6 billion recorded at the end of 2017.


The study claimed while contactless card payments were far more prevalent than NFC mobile payments in many markets, leading wallets were seeking to redress the balance by enabling both online and offline options. Meanwhile, a number of wallets have augmented payments offerings with banking services in a bid to deliver a holistic financial portfolio for consumers. The report also assessed the capabilities of, and prospects for, nearly 20 leading mobile wallets. It concluded that PayPal, which has begun offering contactless payments instore in the US, had the greatest opportunities to develop a converged wallet on a worldwide basis, closely followed by Alipay.


Growth optimism


Global finance executives remain optimistic about economic growth prospects for the year ahead, according to the 2018 Global Business & Spending Outlook, a survey released today by American Express and Institutional Investor Thought Leadership Studio. Worldwide, a majority of respondents (85 per cent) anticipate substantial or modest economic expansion in their country in 2018 (up from 70 per cent in 2017).

More than half of companies surveyed around the globe report higher or much higher revenues in the last 12 months (54 per cent), compared to 44 per cent in last year’s survey. However, expectations for the velocity of expansion slow in this year’s study, as the proportion of respondents who anticipate substantial rather than modest expansion falls to 21 per cent worldwide from 38 per cent last year.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel