The Mobile Wallet: The Next Big Payment Tool?
The mobile wallet could be the next big payment tool due to the rise in smartphone adoption and corporate initiatives, states Michelle Evans, consumer finance analyst at Euromonitor. Canada may be the first country to implement the mobile wallet country-wide, as many retailers have already adopted contactless payment in their point-of-sale (POS) terminals. Contactless payment technology can also be used to conduct payments through mobile wallets. South Korea is also on the forefront of mobile wallet technology; the Korean Communications Commission recently stated that all new smartphones be equipped with Near-Field Communications (NFC) technology, which powers the mobile wallet.