Mobile payments have grown considerably the past several years due to the emergence of mobile wallets such as Apple Pay. In addition, mobile point of sale systems, or mPOS, solutions have replaced the traditional POS system while payment terminals have been upgraded with NFC functionality in order to accept mobile payments. As the mobile market continues to thrive, it is important to take note of the popular trends that have begun to surface.
- Within the next five years, mobile payments will reach $3 trillion.
- By 2020, the mobile NFC payments market is anticipated to hit $130 billion.
- In the US, in-store mobile payments will rise from $3.2 billion in 2014 to $487 billion by 2020.
- During 2016, eMarketer predicts there will be 210% growth of mobile payment transactions.
- The same study by eMarketer also expects that during 2016, 37.5 million people within the US will be using proximity mobile payments.
- Apple Pay is growing exponentially with 1 million users every week and has grown five times the transaction volume from last year.
- By 2019, 1 billion users will use in-store mobile payments.
- The three most popular mobile payment actions were paying bills via a phone web browser or app (65%), buying digital content or a physical item remotely using a smartphone (42%), and purchasing something in-stores with a mobile phone (33%).
- 45% of consumers use mobile payments due to convenience.
- 61% of banks are planning to increase their spending on mobile payment technology during 2016 – a 52% increase from 2015.
As mobile payments continue to grow in popularity, it is important to keep up on the latest statistics to see how this latest trend progresses. With more payments becoming digital, it is safe to say mobile payments will thrive for years to come as additional businesses begin to integrate mobile acceptance.