Mobile is Projected to Transform the Payments Industry

December 6, 2013 – A new report from BI Intelligence finds that consumer and merchant adoption of mobile payments has accelerated enough to have a major impact on the payments landscape. As the industry consolidates and awareness increases, mobile payments transaction volume will make big leaps, the report finds.

Key findings of the report include:

• The U.S. is still lagging behind, but growth is skyrocketing: Mobile transactions will account for about 2% of all credit and debit card volume in the United States in 2013. But, since 2008, mobile transactions have enjoyed 118% annual average growth. Markets in Africa and Asia-Pacific actually see a much larger share of mobile-driven transactions.
• Consumer uptake has exploded: Smartphone users are quickly adopting mobile wallets, payments apps, and QR-scanning apps to facilitate offline and online purchases.
• Merchants are rushing to incorporate card readers: Mobile device attachments can transform tablets into replacements for clunky point-of-sale systems.
• The industry is ripe for consolidation: Payments app developers, niche technology providers, and small payments start-ups are enjoying massive growth and helping to push forward innovation. Look for larger digital payments companies to acquire these upstarts. At the same time, mobile payments solutions continue to proliferate, so the market is no less crowded.
• The industry is still in a state of flux. New technologies are emerging, while once-promising tools are sputtering.

Click here to access this special report.

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