Has The Mobile Payments Moment Finally Arrived?

Mobile transaction volume is growing explosively and reshaping the payments industry
, particularly credit and debit card payments. Mobile point-of-sale purchases are beginning to make a real dent in total transaction volume.
On the consumer and merchant side — through apps, scannable QR codes, and attachable card readers that transform devices into cash registers — mobile devices are replacing credit cards and credit card readers.

In a new report from BI Intelligence, we find that while the promise of mobile payments has been evident for some time now, only recently have consumer and merchant uptake risen enough to have a major impact on the payments landscape. As the industry consolidates and awareness increases, mobile payments transaction volume is poised to make big leaps.

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Here are some of our findings on the state of the mobile payments industry today and our projections on how it will keep growing:

We define a mobile payment as a transaction facilitated by a mobile, Internet-connected device (including tablets, smartphones, or even a watch or Google Glass) that is used in a physical store or at a point-of-sale to make a purchase. Mobile transactions are a larger category that includes these payments, but also includes mobile commerce, or e-commerce channeled by an app or mobile website (e.g., Amazon’s iPhone app).

In full, the special report:

For full instant access to the report on the Mobile Payments Landscape, sign up for a free two week trial subscription to BI Intelligence.

Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

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