Tipping Point On Payments Approaching
BOSTON-Over the past 12 to 18 months, the United States has begun to move closer to a "tipping point" that will lead to the popularization of mobile payments.
That was one finding of a new report from Aite Group on mobile payments in the U.S. Based on more than 60 Aite Group interviews with industry stakeholders in September and October, the report sizes and projects the growth of mobile payments in the U.S. over the next few years.
Long seen as a laggard in mobile payments, the United States is "far more ahead of the curve than perceived," the consultancy said. Factors laying the foundation for mobile payments to grow in coming years include rapid consumer adoption of smartphones, carriers' and handset manufacturers' adoption of NFC chips, consumers' continued embrace of m-commerce, and a nationwide increase in mobile banking adoption.
Practically no segment will be left behind, Aite Group concluded. In fact, each one of the multiple categories of mobile payments defined in the report are projected to see double-digit growth. Mobile payments will account for $214 billion in gross dollar volume by 2015, up from $16 billion in 2010.
"Firms missing the signs that the market is now rapidly shifting will be at a serious disadvantage in the next few years," said Aite Group's Gwenn BÃ©zard.