In-Store Mobile Payments Expected to Grow 153 Percent Annually

July 3, 2014 – In-store U.S. mobile payments are poised to grow 153 percent annually over the next five years, according to a BI Intelligence analysis. BI Intelligence projects in-store mobile spending in the U.S. will grow from $4.5 billion in 2014 to $15.4 billion in 2015 and $41 billion in 2016.

By 2018, BI Intelligence says in-store mobile transactions will reach $190 billion, and even if the projections are off by a half, it will still mark a significant shift in the way retailers accept and manage in-store payments. Mobile payments will not begin to account for significant volume until 2016, according to BI’s projections, when the network effect of consumer usage and merchant acceptance starts fueling traction. Meanwhile, mobile payments in regions outside of the U.S. also are growing exponentially.