According to the report, mobile payments adoption is set to be fueled by growth in proximity payments which, though the smallest category within mobile payments, is expected to be the fastest growing. As a result, proximity payments are set to reach USD 41 billion, making up nearly half of all mobile payments in 2017. Lower barriers to adoption, increased convenience and early entrants striving for scale will be important drivers of growth.
The report has also found that, despite growth in P2P payments, mobile remittances will lag behind. Mobile remittances are expected to exceed USD 4 billion over the next five years but will fail to achieve the scale of mobile proximity payments or m-commerce. Mobile P2P is predicted to make up more than 90 percent of the mobile remittance category but will be hampered by its economics. Future growth is expected to be achieved in cross-border remittances and in the area of mobile bill payments.
Finally, the report has found that mobile remote payments, or m-commerce, are currently 90 percent of the mobile payments category and will continue to grow since m-commerce provides a better alternative to shoppers in certain contexts.
The report titled ‘US Mobile Payments Forecast, 2013 To 2017’ was issued by US-based independent technology and market research company Forrester Research.
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