U.S. mobile proximity payments are about to explode. Mobile proximity payments are payments for goods and services transacted via mobile device in bricks-and-mortar stores.
- BI Intelligence estimates that mobile proximity payment volume will grow at a compound annual growth rate of 153% from $US1.8 billion in 2013 to $US190 billion in 2018.
While mobile payments are growing quickly, they won’t really account for substantial volume until 2016 when the network effect of mobile payment use on the consumer side and acceptance on the merchant side begins to drive momentum.
BI Intelligence’s estimates are based on our tracking of the mobile payments industry, conversations with executives at leading mobile payments companies, as well as estimates from other research firms.