Mobile wallets will be available in one in every five smartphones

According to a new forecast that has now been published, by the year 2018, one fifth of all smartphones will have mobile wallet functionality, and one third of all of those payments apps will involve contactless capabilities such as NFC technology. The study and report were created by Juniper Research. That firm determined that there will be two separate mobile wallet models that will define themselves between now and the close of 2018. Within the emerging markets, it will be the Store Value Accounts (SVAs) that will continue to take off. Those forms of app are catering to the massive number of unbanked individuals in Latin America, developing Asia, and sub-Saharan Africa by providing them with financial access for the first time.