US Mobile Banking and Payments: eMarketer's Estimates for 2016–2021 - eMarketer
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US Mobile Banking and Payments: eMarketer's Estimates for 2016–2021

eMarketer Report

By: eMarketer

Published: August 29, 2017

Jump to: Executive Summary | Table of Contents | List of Charts

Executive Summary

Over the past few years, the use of mobile devices for financial activities has expanded from simply checking an account balance to include other types of transactions, such as proximity payments and peer-to-peer (P2P) fund transfers. Millennials have pioneered the adoption of both mobile banking and payments, but adoption is also rising among older adults.

  • eMarketer projects steady gains for both proximity mobile payment users and transaction value throughout the forecast period. Key drivers of growth include the rising number of smartphone users as well as increased retailer adoption of near field communication (NFC) technology.
  • The number of adult P2P mobile payment users in the US will climb 39.5% in 2017, mainly due to the increasing popularity of Venmo and the launch of Zelle—a service run by 30 US financial institutions that allows free P2P transfers between their customers. Gains will continue through 2021, when more than half (52.1%) of US adult smartphone users will send or receive money through their devices at least once per month.
  • Smartphones are the main contributor to growth in both digital and mobile device banking. eMarketer estimates that the number of adult smartphone banking users in the US will rise by 8.8% in 2017 to 105.1 million, or 69.7% of digital banking users.

"In 2017, US consumers will use their phones to pay for nearly $50 billion worth of goods and services at a physical point of sale. This figure will continue to grow by double digits through 2021, when the value of US proximity mobile payment transactions will reach roughly $190 billion."

Table of Contents

Proximity Mobile Payments

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P2P Mobile Payments

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Mobile Device Banking Users

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17 charts are included in the full report:

US Mobile Banking and Payments: eMarketer’s Estimates for 2016–2021

US Proximity Mobile Payment Transaction Value, 2016-2021 (billions and % change)

Proximity Mobile Payments

US Proximity Mobile Payment Transaction Value, 2016-2021

US Proximity Mobile Payment Share, by Transaction Value, 2016-2021 (% of total)

Proximity Mobile Payment Users

US Proximity Mobile Payment Users and Penetration, 2016-2021 (millions, % change and % of smartphone users)

US Proximity Mobile Payment User Growth, by Age, 2016-2021 (% change)

US Proximity Mobile Payment User Share, by Age, 2016-2021 (% of total)

US Proximity Mobile Payment User Penetration, by Age, 2016-2021 (% of smartphone users)

P2P Mobile Payments

US P2P Mobile Payment Transaction Value, 2016-2021 (billions and % change)

P2P Mobile Payment Users

US Adult P2P Mobile Payment Users and Penetration, 2016-2021 (millions, % change and % of smartphone users)

Mobile Device Banking Users

US Adult Mobile Device Banking Users and Penetration, 2016-2021 (millions, % change and % of digital banking users)

Mobile Phone Banking Users

US Adult Mobile Phone Banking User Penetration, by Select Generation, 2016-2021 (% of digital banking users)

US Adult Smartphone Banking Users and Penetration, 2016-2021 (millions, % change and % of smartphone users)

Tablet Banking Users

US Adult Tablet-Only Banking Users and Penetration, 2016-2021