Mobile Is Poised To Upend The Payments Industry

Mobile-based transactions, including mobile payments and e-commerce, will only account for about 2% of total U.S. credit and debit card transaction volume this year, and 4% globally, according to BI Intelligence estimates.

But that figure is going to grow explosively in the next few years, especially as mobile-enabled purchases at the point-of-sale begin to make a real dent in total transaction volume.

Mobile payments, which we define as the use of a phone or a tablet to enable an in-store transaction, whether on the merchant or consumer side, are becoming more convenient every day.

In a recent report from BI Intelligence, we find that consumer and merchant uptake of mobile payments has finally risen enough to have a major impact on the payments landscape.
As the industry consolidates and awareness increases, mobile payments transaction volume will make big leaps.

Access The Full Report And Data By Signing Up For A Free Trial Today >>

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 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.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.