SAN FRANCISCO—The number of banks, merchants, and card issuers offering their own mobile wallets seemingly grows every week in 2016, confirming that interest in mobile proximity payments has never been hotter.
Yet, while mobile wallet dollar volume and total new users both continue to rise, the increases mask an “insidious trend” — mean monthly mobile wallet purchasing has dipped 20% over three years, reports Javelin Strategy and Research.
Most mobile wallet providers, in particular the three major “Pays” — Apple Pay, Android Pay, and Samsung Pay — are failing to show consumers clear reasons to reach for their phones instead of their credit or debit cards.
For more details, see the infographic below: