Mobile payments have been all the topical rage this week at the National Retail Federation’s 102nd Annual Convention and EXPO.
While this burgeoning trend in consumer shopping couldn’t have possibly been envisioned one century ago, the future of mobile payments is certainly coming into sight more clearly than ever today.
“Although retailer investment and consumer adoption have been nascent to date,” says Denee Carrington of Forrester Research, “we see that changing.”
Here’s what the projected numbers look like. Forrester forecasts that US mobile payments will reach $90 billion in 2017, which represents a 48% compound annual growth rate (CAGR) from the $12.8 billion spent last year.
“In my new report out today,” Carrington writes, “I outline the growth drivers and inhibitors for the three mobile payments categories: mobile proximity, or in-store payments; mobile peer-to-peer (P2P) and remittances; and mobile remote commerce, or mCommerce.”
Among the highlights from the “US Mobile Payments Forecast, 2013 to 2017” are:
- Mobile payments adoption will be fueled by unprecedented growth in proximity payments.
- Despite growth in P2P payments, mobile remittances will lag behind.
- Consumers adopt mobile payments when it’s clearly better than the next best alternative.
In today’s blog post, Carrington delves deeper into each point. It’s a fascinating read that can be found here.