The global mobile wallet market is expected to reach 1,420.8 million users by 2020* (quite the number). And our research bears that out: As of October 2014, consumers were dabbling with mobile payments and (excluding the notable exception of Starbucks), they:
- Remained in the realm of ‘early adopters’
- Offered few compelling cases with credible retailers to drive widespread adoption
- Viewed mobile payment systems and apps as privacy concerns that were difficult to use
We wanted to find out more about consumer experience with mobile wallets thus far, and their perceptions and expectations regarding this new payment option. So in October 2014, we surveyed just over 1,000 U.S. consumers and gleaned a few interesting insights.