10 noteworthy statistics on the future of mobile payments

10 Noteworthy Statistics on the Future of Mobile Payments

• Mobile payments have grown considerably the pastseveral years due to the emergence of mobile wallets,such as Apple Pay.

• In addition, mobile point of sale systems, or mPOS,solutions have begun to replace the traditional POSsystem.

• On a similar note, payment terminals are now beingupgraded with NFC functionality in order to acceptmobile payments.


•  As the mobile market continues to thrive, it is important to take note of the popular trends that are surfacing.

•  Here are 10 notable statistics on the future of mobile payments:


1. Within the next five years, mobile payments will reach$3 trillion.

2. By 2020, the mobile NFC payments market isanticipated to hit $130 billion.


3. In the U.S., in-store mobile payments will rise from $3.2 billion in 2014 to $487 billion by 2020.

4. During 2016, eMarketer predicts there will be 210% growth of mobile payment transactions.


https://www.hottopics.ht/stories/finance/25-stats-that-tell-you-everything-about-the-state-of-mobile-payments/

5. The same study by eMarketer also expects that during 2016, 37.5 million people within the U.S. will be using proximity mobile payments.

6. Apple Pay is growing exponentially, with 1 million users every week, and has grown five times the transaction volume from 2015.


http://www.pymnts.com/news/mobile-payments/2016/tim-cook-shares-apple-pay-stats-sort-of/

7. By 2019, 1 billion users will use in-store mobile payments.

8. 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%).


9. 45% of consumers use mobile payments due to convenience.

10. 61% of banks are planning to increase their spending on mobile payment technology during 2016 – a 52% increase from 2015.


http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf

•  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.


Looking to incorporate mobile payments for your business?Contact First American Payment Systems and get started today!

https://www.first-american.net/products/mobile-payments/1stpaymobile/