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The more things change in the US mobile payments space, the more they seem to stay the same. The landscape continues to rapidly evolve, with many players experimenting with and launching new products. Consumers remain tepid about paying for goods and services with their phones at the point of sale, although increased exposure to mobile payments is helping drive adoption and growth, according to a new eMarketer report, “US Mobile Payments 2014: Updated Forecast and Key Trends Driving Growth.”
Even in a persistently fragmented market, US proximity payment transaction values doubled between 2012 and 2013 to reach $1.59 billion as more consumers warmed to paying for their daily cup of coffee with their phones. eMarketer projects transaction values will double again this year to reach $3.50 billion and further accelerate through 2016 as more users come on board and make increasingly larger mobile purchases.
Many US consumers remain hesitant about using mobile payments in the near term, but most also believe it’s only a matter of time before paying by phone becomes commonplace.
In an August 2014 survey conducted by AYTM Market Research, while just 13.5% of US internet users had made a mobile payment, more than half believed mobile payments would “probably” become widely used in the next five years, and 23.2% were certain about widespread adoption of mobile payments.
Delivering an experience that improves upon existing payment methods like cash and cards is one way to attract mobile phone users to adopt mobile payments. Among mobile users Adobe surveyed in the US, Canada, UK, France and Germany in March 2014, the 16% who had used a mobile wallet to pay for products or services overwhelmingly believed the experience was easier than providing a credit card.
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