U.S. mobile payment transactions are expected to reach $27 billion this year, with users spending an average of $721 annually. Globally, mobile commerce is expected to hit $425 billion in 2016 and $905 billion by 2020.
A Money 20/20 October survey by alternative business lender CAN Capital found 47% of over 160 payments and financial innovation professionals surveyed agreed mobile payments are changing retail consumer spending with an increase in e-commerce coming next (35%) and then personalized marketing and advertisements (18%).
Fifty-eight percent agreed debit or credit card transactions at the point of sale remain the most secure form of payment, compared to online payments via processors such as PayPal or Square (22%) or mobile payments using a debit or credit card (20%).
When asked what might be the biggest challenge in payments processing for small businesses, 49% of industry experts cited transaction fees, a ten point increase from last year’s survey. The ability to comply with changing payments security standards such as EMV came in second (27%) followed closely by risk of data breaches (24%).
According to research by eMarketer, in 2016, total mobile payment transactions are expected to reach $27.05 billion, with users spending an average of $721.47 annually.
For data, background and forecasts on Mobile Commerce: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).