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Mobile payments in the US to reach USD58 billion by 2017

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August 19
5:00 AM 2013

Last July 11, 2013, market research firm eMarketer projected that mobile payments would top USD1 billion in the US for the year. The research firm also said that by 2017, mobile payments would rapidly expand to reach USD58 billion as global payments would be in the hundreds of billions of dollars.

People have been using their smartphones for interaction, games and storage. Industry analysts have said that a transition to mobile transactions would make sense. Bar codes and Quick Response images with Near Field Communication technology allow consumers to buy goods and services using their phones. In 2011, the mobile phone transactions grew by 226%. Analysts said scanning, tapping or swiping using smartphones would be more natural in the future.

The improvement in the scanning technology would attract the consumers more as businesses see the profitability of the technology. Analysts added merchants would gradually adapt to the technology behind the smartphone point-of-sale transactions since it could accelerate the process of purchasing products.

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