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Consumers Bullish on a Mobile Payments Future

US proximity payments will double this year, hitting $3.50 billion

October 9, 2014 | Retail & Ecommerce | Mobile

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.”

US Proximity Mobile Payment Transaction Value, 2013-2018 (billions and % change)

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.

Mobile Payment Usage and Attitudes Among US Internet Users, Aug 2014 (% of respondents)

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.

Mobile Users Worldwide* Who Find Mobile Wallet Payments Easier than Using a Credit Card, March 2014 (% of respondents)

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.

Get more on this topic with the full eMarketer report, “US Mobile Payments 2014: Updated Forecast and Key Trends Driving Growth.”

This report answers these key questions:

  • How much will US consumers spend using their mobile phones to pay at the point of sale between 2014 and 2018?
  • How many people in the US will use proximity mobile payments?
  • What drivers, inhibitors and other key trends are at play in the mobile payments market?

eMarketer releases over 200 analyst reports per year, which are only available to eMarketer corporate subscribers.

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