U.S. Mobile Payments to Top $1 Billion in 2013
The value of proximity mobile payments made in the United States in 2013 will top $1 billion, and rapidly reach an estimated $58 billion by 2017, according to eMarketer research. U.S. mobile payment transactions more than tripled between 2011 and 2012 in the U.S., ending 2012 at $529 million. This growth is largely driven by customers making regular small-value, closed-loop payments with their mobile devices, as well as an increase in the numbers of consumers using mobile payments to make bigger-ticket purchases. Despite these gains, eMarketer has slightly scaled back its estimates of user adoption and transaction value compared to its October 2012 projections. This is due to delays and slow adoption of mobile payments technology. Many merchants have yet to adopt point-of-sale technologies enabling mobile payments, in large part because of a congested landscape of diverse competing technologies. EMarketer suggests that adoption of mobile payments by consumers will increase drastically should the fragmented mobile wallet landscape give way to adoption clusters centered around specific payment systems. However, these systems will have prove themselves to be convenient and valuable to customers and merchants.
From “U.S. Mobile Payments to Top $1 Billion in 2013”
eMarketer (07/11/13)