Report: POS Solutions Grow Faster, But M-Commerce Still Dominates Mobile Payments in 2019
Nov. 24, 2014
Mobile payments in the U.S. will grow from $52 billion this year to $142 billion by 2019, according to a new report from Forrester Research. The growth will be driven mainly by the continuing adoption of smartphones, which grew from a penetration rate of 19 percent in 2009 to 66 percent this year, and the “integration of mobile into every aspect of [consumers’] lives.” And, while in-store payments at the point of sale will experience the fastest growth, card-not-present payments from the mobile device will remain the largest segment of mobile payments. Because of that, companies will increasingly pay attention to optimizing checkout on mobile devices.
Denee Carrington, senior analyst for Forrester, said: “The battle to improve the checkout experience will intensify as technology titans, payment incumbents and disruptive new entrants joust for limited space in merchant’s mobile checkout flow.”
And, as saturated as the airwaves and blogs have been with news of Apple Pay, 2015 will only bring more, Carrington said. Apple’s in-store and in-app mobile payment solution will result in many competitors rethinking their strategies around mobile and will spark increased discussion around the use of tokenization and biometrics to control fraud.