Recently we made a short review of the best mobile commerce apps and then decided to go further in learning about the usage of mobile phones for shopping. The launches of Apple Pay and CurrentC mobile wallet and the emergence of a new category of apps that can be used to make in-store payments without interacting with a payment terminal – all promising new developments in payment methods that are sure to make people start using their smartphones to pay for goods and services in stores. As a result, it seems there is going to be an explosion in mobile payment volume beginning in the US and spreading around the world. Let’s observe 7 main trends of mobile payment development determined by BI Intelligence analysts that we consider important to be aware of:
Mobile payments will see explosive growth.
Mobile in-store payments will grow at a five-year compound annual growth rate (CAGR) of 154%, to $189 billion in 2018 from $1.8 billion in 2013, according to the BI Intelligence forecast. While the growth will be explosive, in-store mobile payments will still account for less than 4% of brick-and-mortar transactions by 2018.