Mobile payments market will see explosive growth in the US

mobile payments Europe

Report predicts the rise of mobile transactions throughout the United States

The mobile payments market is expected to explode in the United States, according to the latest report from eMarketer. Consumers are becoming increasingly aware that they can use a variety of services to pay for products online and in physical stores, all from their mobile devices. These shoppers are showing more interest in mobile payments, largely due to their convenience, and the options that they have available to them are drawing more people into the mobile commerce market.

Mobile commerce market will see a 210% increase in payment volume next year

According to the report from eMarketer, mobile transactions in the United States will grow by 210% in 2016. Notably, in-store mobile payments will see a significant increase, as more retailers embrace mobile friendly point-of-sale systems. These systems are equipped with NFC technology, which allows for digital information to be sent over short distances. NFC currently makes up the backbone of the mobile commerce market, with most payment services designed for mobile devices using this technology.

Consumers are likely to spend more money through their mobile devices next year

mobile payments EuropeThis year, some $8.71 billion in mobile payments was recorded in the U.S. Mobile shoppers reportedly spent an average of $376 this year. Mobile transactions will reach $27.05 billion next year, with the average annual amount consumers are spending reaching $721.47. The growth in transaction volume is accelerating due to the number of people that are participating in mobile commerce. These consumers find mobile shopping more convenient, allowing them to get their shopping done easily.

Availability of new payment services brings more consumers into the mobile commerce market

The introduction of various new services coming from companies like Apple, Samsung, and Google, will have a major impact on the adoption of mobile commerce. Many merchants are supporting these services, as they provide a way to effectively engage mobile consumers. In the coming years, mobile commerce is expected to play a major role in the retail space, pressuring many merchants to become mobile-centric in order to meet the needs of an evolving consumer base.

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