US Mobile Payments Market Predictions

eMarketer has released a new report into the US mobile payments market. The report predicts that proximity mobile payments, defined as point-of-sale payments made in a physical store using a mobile phone, will total 49 billion US dollars' worth of transactions in 2017, an increase of 78% on 2016. This high rate of growth is set to continue over the coming years, with proximity mobile payments set to reach 190 billion US dollars in 2021. The research predicts that the types of items that consumers are predicted to buy using proximity mobile payments is set to change over time. The proportion of low- and medium-priced items paid for is set to increase, whilst the proportion of high-priced items bought using the method is set to fall. Proximity mobile payments are primarily being driven by millennials. However, over the coming years, adoption is expected to rise amongst older adults too.