Research firm eMarketer predicts mobile payment transactions made by tapping, waving, or similar means will grow 210 percent in 2016 in the U.S. By 2016, total mobile payments transactions should reach over $27 billion, up from nearly $9 billion this year in the U.S.
“Several factors will drive substantial mobile payments growth in the U.S.," said eMarketer analyst Bryan Yeager. "Mobile wallets like Apple Pay, Android Pay and Samsung Pay will become a standard feature on new smartphones. Also, more merchants will adopt point-of-sale systems that can accept mobile payments, and incentives like promotions and loyalty programs will be integrated to attract new users.”
“Younger consumers generally have fewer apprehensions when it comes to experimenting with and eventually adopting new technologies,” added Yeager. “That’s certainly true for mobile payments, where security concerns are more pronounced among older consumers. Ultimately, mobile wallets will need to have a strong track record of security to attract more users across all demographics long-term.”