US m-payments industry to reach USD 142 bln in 2019 – report

Friday 21 November 2014 09:01 CET | News

Mobile monetary transactions in the US are expected to reach USD 142 billion in 2019, a recent report unveils.

According to a recent study from Forrester, a technology research firm, it is “not just that we have smartphones. It’s that we’re increasingly dependent or rely on or expect them to deliver more.”

Forrester researchers and analysts have spoken to a number of businesses in the payments industry for the study, including PayPal, Verifone and Visa. Based on their findings, the team expects the next five years to be very exciting. The study has stated that the past five years was the maturing and development stages of the up-and-coming industry.

The report points out that the next stage, which started in 2014, is for mobile platforms to reach mainstream consumers. While companies such as Google, Apple and AT&T are expected to benefit early from the shift in mobile commerce growth, there is also plenty of room for new and emerging payment platforms to flourish, the study adds. In particular, companies that cater to small and medium-sized businesses (SMBs) may be able to provide customised solutions in the area of mobile payment apps.

The study also highlights information on remote mobile payments. New data suggests that purchases via apps and mobile websites will account for the largest growth in the industry over the next five years, reaching USD 91 billion.

Although not a large part of online payments, peer-to-peer transactions are expected grow to USD 17 billion in 2019, the report concludes. Peer-to-peer payments reached USD 5.2 billion in 2014 due to large companies such as Venmo, Gmail and Square Cash, pushing for personalised payment alternatives.

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Keywords: Forrester, US, m-payments, industry, 2019, report, mobile, monetary, transactions , smartphones, PayPal, VeriFone, Visa
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce