Mobile wallet technology is advancing rapidly, and now many experts in a number of fields are beginning to adjust their predictions for just how lucrative the industry can be within the next few years.
The kind of "mobile wallet" transaction that many within the smartphone and credit card industries have predicted as becoming popular within the next few years might arrive sooner than some expected, according to a report from Daily Finance. Currently, some 10,000 credit card transactions are processed every second and they add up to a total value of more than $2.5 trillion every year.
But where experts once said mobile payment technology would become popular by the end of 2015, it now seems as though that prediction was conservative, the report said. Recent data from Juniper Research shows that widespread adoption could come as early as 2014, when about 20 percent of all smartphones will come with the necessary near-field communications technology needed to complete these transactions. Further, the value of the mobile payment market is expected to triple from its current levels to a total of $675 billion by the end of 2015.
Numerous companies are all working to develop their own mobile payment platforms, ranging from device manufacturers themselves to payment processing companies, retailers and mobile phone service providers, the report said.
On the other hand, many also say that the largest hurdle isn't technological, but rather to do with consumers' eagerness to adopt the payment method. Many polls have shown consumers have a certain amount of trepidation over adoption because of perceived security issues with NFC payments. However, experts point out that these transactions are far more secure than traditional credit card use.
