Proximity mobile payments are finally reaching a critical mass of users, fueling spending growth. While it will slow in the coming years, providers are capitalizing on growth by building multifunctional ecosystems that expand their captive audience and tighten relationships.
As the mobile wallet ecosystem matures, US proximity mobile payment engagement gains are lapping user growth. The three largest wallets are having varying degrees of success in securing users and spending—but all are looking to build out their ecosystems and tighten relationships with consumers in the years to come.
Key Question: How are key wallets harnessing proximity mobile payment growth drivers?
KEY STAT: US proximity mobile payment spending growth will slow to the low double-digits by 2027—forcing wallets to compete for user loyalty and defeat fragmentation.
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Report Snapshot
A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
Existing users are engaging with wallets more—propelling spending growth.
Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
What’s next for three groups of providers in the space?
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Proximity mobile payments are finally reaching a critical mass of users, fueling spending growth. While it will slow in the coming years, providers are capitalizing on growth by building multifunctional ecosystems that expand their captive audience and tighten relationships.