U.S. Mobile Payments Market to Boom by 2019, Research Firm Says
Just a few years ago, the idea of paying for things at the checkout counter with your smartphone seemed like a technology company pipe dream.
That dream, according to payments industry experts, is beginning to become a reality.
Mobile-based payments in the United States are expected to reach $142 billion in volume in 2019, according to a report from the research firm Forrester, from about $50 billion currently. In the study, which will be released on Monday morning, the firm spoke to a dozen payments industry companies, including PayPal, Verifone and Visa. They indicated that the shift to mobile commerce was growing quickly.
Companies like Google, PayPal and AT&T have tried for years to create their versions of a mobile wallet, but they have not gotten much traction. Forrester claims that the market has matured over the last five years, and it expects that the next five will be the tipping point bringing mobile payments into the mainstream.
“It’s not just that we have smartphones. It’s that we’re increasingly dependent or rely on or expect them to deliver more,” said Denée Carrington, a Forrester analyst.
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U.S. Mobile Payments Market to Boom by 2019, Research Firm Says |
