Mobile payment transactions in the US are expected to reach USD 56.7 billion by 2015 compared to USD 5.2 billion in 2009, a recent research has revealed.

According to the study conducted by research market research company MarketResearch.com, the expansion of mobile payments is expected to be driven by the NFC technology, which is set to enable financial services providers to tap micro transactions made by cash, representing around 20 percent of the total transactions in the US.

Currently, the adoption rate for mobile payments in the US represents only 1.7 percent, but NFC technology is set to open new revenue channels for banks as well as mobile operators, the same company estimates. This assumption is based on the premises that more than 94 percent of the US population currently owns a mobile phone, with60 percent of consumers also having a card slot in their handsets.