U.S. Mobile Payments Reach $90 Billion by 2017
Jan. 22, 2013
Mobile payments in the U.S. will grow by a compounded annual rate of 48 percent per year, reaching $90 billion by 2017, according to research released recently by Forrester. And, while m-commerce transactions (online transactions from a mobile device) represent 90 percent of the total mobile payments market today, transactions at the POS using mobile wallets will see the most growth in the next five years, the report said. By 2017, in-store mobile transactions will account for 45 percent of mobile payments volume—up from 4 percent currently—while total m-commerce payments will drop to half of the total mobile payments volume.
“Mobile remote payments, or m-commerce, are currently 90 percent of the mobile payments category and will continue to grow,” said Denée Carrington, a Forrester analyst and one of the report’s authors. “M-commerce offers a better alternative to shoppers in certain contexts. The growth of mobile proximity payments, mobile remittances, and mobile remote payments hinges on this reality—each must deliver a better, more convenient option to consumers than the next best payment alternative for a given purchase at a given time.”