Mobile payments are expected to take off by 2016, according to a recent study. In fact, research from NPD In-Stat shows the number of mobile credit card transactions could reach 9.9 billion by that time.
Based on those predictions, the number of payments made via mobile devices in 2012 – an estimated 1.1 billion – will increase nearly tenfold to reach the number expected in 2016.
According to Amy Cravens, an analyst who worked on the study, last year was significant for development as it helped companies, manufacturers and consumers understand the future direction of the payments market. However, there is still a lot to be seen in terms of deployment.
“Based on the vast support for near-field communication and the endorsements made by significant players in 2011, it is apparent that this will be the dominant contactless payment solution going forward,” said Cravens.
This year, remote mobile transactions could represent almost $226 billion in mobile credit card processing, the research predicts. In order for the payment method to take off, retailers will have to install the correct equipment in stores so they can process transactions using the technology.Back To Blog