In-Stat: Up to 25 Million US Mobile Phones Could Also be Mobile Wallets by 2011

A new report from In-Stat finds that "as many as 25 million wireless phone subscribers in North America could be using their mobile phones as mobile wallets by 2011."

David Chamberlain at In-Stat said, "In-Stat believes that the market can grow only by adopting a technology that offers the most versatility by providing both transaction capability and content discovery. There are several technologies that could enable mobile wallet operations of handsets, including Near Field Communications (NFC), Radio Frequency (RFID), bar codes, and visual recognition. Standardization efforts around NFC may give that system the edge."

Key points from the report include:

• According to an In-Stat consumer survey, attitudes of US users towards mobile wallets are at best, lukewarm, with roughly one-third of respondents interested, one-third indifferent, and one-third uninterested.
• The most frequently mentioned barrier to the mobile wallet is added fees for its use (72% of respondents), followed by security concerns about loss of the phone and privacy.
• Survey data found that mobile wallet was most appealing to technology innovators and early adopters as well as subscribers who already rely heavily on their wireless phones.