We are still at the early stages when it comes to Mobile Wallet Transactions. In fact, moving from card infrastructure to mobile, the payments ecosystem remains virtually the same.
For those who are unfamiliar, Mobile wallets are essentially digital
versions of traditional wallets that someone would carry in their pocket.
One can then observe that, despite lack of success, numerous banks and
mobile network operators are introducing mobile wallets as a payment tool; and new innovators are continuously
changing the industry as mobile wallets are enabling economies to transition to a cashless society.
According to Research and Markets, Android OS (Samsung Pay along with Android
Pay) will account for a large share of the handsets sales in 2021 and
translates into mWallet adoption, as Android-based mWallets will account for
71.4% of the total number of mWallets in the EU. In contrast, the limited
market share of Apple Pay will
constrain its access to the mWallet market in the EU as by 2021 Apple Pay will
represent only 13.5% of the total amount of mWallets.