Mobile Payments Growing Slowly But Will Reach $58 Billion By 2017

  • August 19, 2013 at 12:00 PM EDT
  • By Debbie Hauss
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While U.S. mobile payment transactions more than tripled from 2011 to 2012, reaching $539 million last year, proximity or contactless payment transactions now are growing more slowly, due to limited user adoption and low-value transactions, according to eMarketer.

By the end of 2013, mobile payments will less than double over a 12-month period to more than $1 billion, eMarketer reported: However, transaction volume then will expand rapidly to an estimated $58 billion by 2017, “driven by consumers adopting mobile payments for a wider range of products and services,” eMarketer reported.

Numerous mobile wallet initiatives currently face delays and adoption issues, as well as a “congested landscape of competing technologies.” As a result, mobile payment transactions will not top $20 billion until 2016, one year later than eMarketer previously predicted.

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The significant jump during 2017 in total and per-user spending will occur as more consumers adopt proximity or contactless payments across a broader gamut of price points, eMarketer noted. This diversification in mobile wallet usage is “critical to driving habitual consumption, which is crucial for moving mobile payments into the mainstream.”

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