THE MOBILE PAYMENTS REPORT: Market forecasts, consumer trends, and the barriers and benefits that will influence adoption
It almost sounds like the UK is on a faster adoption path for Mobile Payments than the US?
Although the mobile wallet ecosystem is maturing, in-store mobile payments haven’t yet taken off. Consumer disinterest, coupled with delays in fully implementing the necessary infrastructure, are preventing mobile wallets from achieving mainstream adoption.
While neither merchants nor consumers have yet fully embraced mobile payments, mobile wallets offer benefits to all stakeholders: enhanced security features, faster checkout, and loyalty integration. Each of these is a plus for customers and merchants alike, and will eventually convince both parties to embrace the technology.
Our new estimate finds that US in-store mobile payment volume will reach $75 billion this year. Between 2015-2020, we expect volume to rise by a compound annual growth rate (CAGR) of 80% to bring mobile payments volume to $503 billion by 2020.
And we expect to see a significant uptick in the number of US consumers making mobile payments. We forecast the number of in-store…
Read the entire article from BusinessInsider here: THE MOBILE PAYMENTS REPORT: Market forecasts, consumer trends, and the barriers and benefits that will influence adoption