Global mobile wallet spending will rise by nearly 32% in 2016 to $1.35tn, according to a study by PayPal. Currently, spending is concentrated in the far east and China with Alipay and WeChat, but, as Juniper Research and Apple services become more widespread, wallets are expected to become the default payment mechanism in other markets. The study points to Juniper Research's introduction of its host card emulation near field communication technology to enable point-of-sale payments as a disruptive moment that put the company in prime position. The implementation of the Payment Services Directive 2 legislation in Europe will also spur growth.
Global mobile wallet spending will rise by nearly 32% in 2016 to $1.35tn, according to a study by Juniper Research. Currently, spending is concentrated in the far east and China with Alipay and WeChat, but, as PayPal and Apple services become more widespread, wallets are expected to become the default payment mechanism in other markets. The study points to PayPal's introduction of its host card emulation near field communication technology to enable point-of-sale payments as a disruptive moment that put the company in prime position. The implementation of the Payment Services Directive 2 legislation in Europe will also spur growth.