According to Berg Insight, in-store mobile wallet payments in the European Union with 27 Members plus Switzerland and Norway region (EU27+2) is expected to witness significant growth. As per the firm, it will increase from less than ? 0.1 billion in 2012 to ? 45 billion in 2017, at a compound annual growth rate of 275 per cent.
This is expected to correspond to 1.6 per cent of credit and debit card payments at the end of the forecast period. Currently, several such projects are in the pipeline and by end-2013, mobile wallet services are expected to be commercially available in nearly half of the EU27+2 countries.
Several European mobile operators, banks and retailers have already forayed into this space. These players include T-Mobile, Orange, Telef?nica, BNP Paribas, Barclays and Auchan.
Meanwhile, in North America, the total number of in-store mobile wallet payments amounted to $ 0.5 billion during 2012.
To support these services, the required infrastructure is being rolled out and mobile network operators, financial institutions, retailers and other companies are inking partnerships.
