US mobile payments will reach US$ 90 billion (EUR 67.5 billion) in 2017, a 48% compound annual growth rate (CAGR) from the US$ 12.8 billion (EUR 9.6 billion) spent in 2012 according to Forrester new report titled “US Mobile Payments Forecast, 2013 to 2017”.
Mobile proximity payments are currently the smallest category within mobile payments, but Forrester expects it to be the fastest growing.
Proximity payments will reach US$ 41 billion (EUR 30.7 billion), making up nearly half of all mobile payments in 2017. Lower barriers to adoption, increased convenience, and early entrants striving for scale will be important drivers of growth.
Mobile remote payments, or mCommerce, are currently 90% of the mobile payments category and will continue to grow. mCommerce offers a better alternative to shoppers in certain contexts. The growth of mobile proximity payments, mobile remittances, and mobile remote payments hinges on this reality as each must deliver a better, more convenient option to consumers than the next best payment alternative for a given purchase at a given time.
Source: “US Mobile Payments Forecast, 2013 To 2017”, Forrester