New Industry Report Finds Increase in Mobile Payments Adoption

September 27, 2013 –  The mobile payments industry has continued to gain traction in the past 12 months, according the 2014 Mobile Payments State of the Industry Report. The report finds that more people have smartphones — 95 percent this year compared to 66 percent a year ago — and they’re routinely using their mobile devices to access the Internet: 93 percent of respondents reported doing so, up from 65 percent in 2012.

Consumers also are using their mobile devices for commerce-related activities, such as buying online, even as they’ve been slower to use those devices to pay in person. Sixty percent of respondents said they now shop on their mobile device, up from 41 percent a year ago.

Meanwhile, only 25 percent of respondents have paid by mobile device in a bricks-and-mortar store, while 18 percent have scanned a QR code to make a payment.

Consumers expressed significantly more interest in peer-to-peer payments; the number of respondents who said they would consider using email to send or receive money nearly doubled, from 24 percent to 46 percent.

To learn more about the report, click here.

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