Blog

Mobile payments may become more prevalent

July 18, 2013

Many businesses may experience a spike in the level of mobile credit card processing in the coming years, and this is due to a number of factors related to improvements in technology and user ownership.

Many businesses may experience a spike in the level of mobile credit card processing in the coming years, and this is due to a number of factors related to improvements in technology and user ownership.

By 2015, there will be more than 1 million people using mobile payment options on their smartphone, according to data compiled by Cellum and Mobile Payments today. This may be helped by the doubling of smartphone usage by that point and mobile payments rising to as high as $1 trillion.

There are many other significant trend increases expected in the next three years. The report noted that as many as 2 million transactions from these devices could occur on a weekly basis. Overall usage for non-payment aspects may rise, as the prevalence of QR codes in taxis and ticketing for public transportation will become more popular. This could help some consumers start to use these products on a more common basis.

Shopping through near field communication in stores may reach as much as $74 billion in the next three years, the report added. Bill payments through mobile channels may increase to as much as $214 billion by that point.

Much of the current hesitation from consumers revolves around the perceived safety of these tools. A report by Accenture noted that only 16 percent of consumers have used the products despite more than 40 percent having smartphones with mobile payments. Close to half of those polled felt that the security of this method of payment may not be as secure as they would like. However, this may not be an accurate concern, and could be due to a lack of knowledge on the subject.

Back To Blog