Mobile Payments to grow to 80% by 2020
We’ve all heard the predictions. For the past decade or so, the prognosticators have all predicted various growth numbers regarding digital wallets and mobile payment adoption. Many applications have come and gone and the story goes on and on.
But, as we recently published, 2016 was a banner year for mobile payments. Fueled, mainly by platforms like Apple Pay and Android Pay and their in-app capabilities, we finally saw a major shift in the share of mobile payments compared to the traditional norms.
And it keeps getting better. According to a report published by Business Insider (BI) Intelligence, US in-store mobile payments will reach $75 billion this year and will reach a staggering $503 billion in 2020. Crazy numbers when you think about it.
We’ve seen a major trajectory over the last quarter of 2016 and the growth isn’t stopping. It appears as though consumers are finally getting past the “interest” phase and starting to actually engage with some of these mobile payment platforms, albeit in an in-app environment. But that’s OK. With usage, brings trust. And with trust, brings behavioral change. We start with the convenient in-app, in-browser environments and then grow into retail environments. Baby steps.
So do we fully believe these numbers? Or do we think they’re just another grab at headlines? We’ll let you decide. The one thing we will say, we are in a better position to make these types of forecasts today than we were even a year ago.