Wednesday, November 21, 2012

Proximity Mobile Payments Set to Explode

eMarketer forecasts that proximity mobile payments—including any technologies that allow mobile users to pay for goods and services at the point of purchase with their phones—will increase greatly in the coming years, based on favorable expected consumer adoption trends.

They believe that the annual mobile payments transactions value will increase from approximately $640 million this year to a whopping $62 billion by 2016. That is an average increase of about 230 percent or total growth of 9,600 percent over the next four years. 

The number of mobile payment users will increase by 6x to 48 million while average annual spending per user will increase by 20x to $1,294. To put these numbers in some context, currently about 1 out 40 Americans is spending about $7 a month using mobile payments.  Within 4 years, 1 out 6 people in the US will be spending about $100 a month using mobile payments.

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