A new Juniper Research study 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% over the number of users in 2017. The study claimed that, while contactless card payments were far more prevalent than NFC mobile payments in many markets, leading mobile wallets were seeking to redress the balance by enabling both online and offline options. Meanwhile, a number of mobile wallets have augmented payment offerings with banking services in a bid to deliver a holistic financial portfolio for consumers.
According to the research, greater security offered by NFC-based wallets, which include tokenized credentials and, increasingly, biometric authentication, make them more attractive to both consumers and merchants. Specifically, QR code-based payments are likely to have significant growth in markets such as India and sub-Saharan Africa due to negligible implementation costs; however, their greater susceptibility to alteration to include viruses and phishing scams is likely to act as a major deterrent elsewhere.