Friday, October 30, 2015

Mobile Payments Will Triple in the US in 2016


The number of people in the US using their phones to pay for goods and services at the point of sale will continue to climb steadily, with 2016 being a year of significant growth for the technology. According to the latest proximity mobile payments forecast from eMarketer, the total value of mobile payment transactions in the US will grow 210% in 2016.

eMarketer defines proximity mobile payments as point-of-sale transactions that use mobile phones as a payment method, via tapping, waving and similar functionality.

In 2015, mobile payments will total $8.71 billion in the US, with users spending an average of nearly $376 annually using their mobile phone as a payment method. By 2016, total mobile payment transactions will reach $27.05 billion, with users spending an average of $721.47 annually. Total mobile payment sales will rise faster than average spending per user in 2016 because of the growth in the number of overall users of the technology.

Several factors will drive substantial mobile payments... what are those factors? Read the entire article here courtesy of emarketer.com.