NEW YORK — A new study by market research firm Parks Associates says that 20 percent of all smartphone owners in the U.S. used at least one mobile wallet app in 2013.
The study represents encouraging news for companies that try to make a buck off of the mobile space in the U.S., particularly because its commerce has moved at a snail's pace as compared to other countries.
The report said usage would increase 43 percent of all smartphone users by 2017.
“After years in development, the mobile wallet market is making progress towards viability,” said Jennifer Kent, a spokeswoman for Parks Associates. “Mobile wallet apps exist at the intersection of marketing and payment, and because of this unique position, they are valuable and insightful tools for merchants and advertisers."
“The mobile wallet market no longer depends so exclusively on one technology. This diversification, while messy for the consumer, will help developers and industry stakeholders hone in on the best value propositions for both consumers and merchants,” Kent said.