When Apple CEO Tim Cook announced Apple Pay in October 2014, only about 2.7 percent of retailers that accepted credit cards had the technology to compatible with the mobile wallet. In 2015, only 0.2 percent of sales were made with mobile wallets, according to survey by research firm eMarketer. However, that same research firm predicts that by the end of 2016, nearly one in five smartphone users will use mobile payments.
After several years of various mobile wallets trying to gain momentum, three factors — all are related to the switch most retailers made last October to accept chip cards (also called EMV) — are predicted to drive a big shift towards mobile wallets. Updates at retailers to accept EMV cards also often include compatibility for near field communication (NFC), the tap-to-pay technology used by many mobile wallets.
