January 18, 2013 Leave a comment
Last week we blogged about the mobile payments arena in 2013, and shortly after, market research firm Forrester released their predictions for the United States mobile payments market. Currently, there are more smartphones in use in the United States than there are people, which further solidifies that mobile payments are becoming an integral part of business and consumers’ lives. Below are a few articles that highlight poignant statistics from the Forrester report. Have you seen any statistics useful to small businesses that you’d like to share? Tweet them to @IPNTeam.
Forrester: U.S. Mobile Payments Market Predicted To Reach $90B By 2017, Up From $12.8B In 2012
TechCrunch: article by Darrell Etherington
Here’s what the projected numbers look like. Forrester forecasts that US mobile payments will reach $90 billion in 2017, which represents a 48% compound annual growth rate (CAGR) from the $12.8 billion spent last year… Among the highlights from the “US Mobile Payments Forecast, 2013 to 2017” are:
- Mobile payments adoption will be fueled by unprecedented growth in proximity payments.
- Despite growth in P2P payments, mobile remittances will lag behind.
- Consumers adopt mobile payments when it’s clearly better than the next best alternative.
Forrester: US Mobile Payments to Reach $90 Billion in 2017
Mobile Marketing Watch: article by Mobile Marketing Watch contributor
The key to future growth for mobile payments will be convincing consumers that it is a much better alternative to the prevailing payment method, Forrester says. Highlighting convenience, security, and improved user experience are what will convince users to come on board, but it’ll require that there are clear and present advantages in each area in order to spur a mass movement towards mobile payment options. I’d argue that every year of the last two or three has seemed at the outset like the one where mobile payments could really take off and become mainstream. Consumer interest is growing, and initiatives like ISIS and Google Wallet are actually launching and usable in real-world locations, so there’s every reason to believe that we’re on our way to that $90 billion mark, even if it will be hard to point to any one year as the year mobile payments finally arrived or hit the mainstream.