Mobile Payments Set for Growth in U.S.

by Mercator Advisory Group 0

In terms of dollar value, point-of-sale mobile payments are still relatively insignificant, with an expected total of only $640 million this year. However, by 2016, mobile payments can be expected to total more than $62 billion.

eMarketer predicts mobile payments will evolve from only being used occasionally and for small value transactions, slowly moving into the realm of regular use and use for larger transactions. eMarketer also predicts an element of fragmentation as mobile payments develop:

The number and scope of the different mobile payment solutions currently available or preparing for launch in the next six to 12 months will have contradictory effects on the market. On the one hand, more solutions, and the media attention they bring to the mobile payments segment in general, will raise awareness for consumers and merchants.

On the other, the sheer number of choices will present a challenge for both groups, but for merchants in particular, who may incur significant costs in choosing one solution over another, especially in cases where a solution entails new point-of-sale hardware.

Click here to read more from eMarketer.

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