The number of U.S. consumers using their phones to pay for goods and services at the point of sale will continue to climb steadily, with 2016 being a year of significant growth for the technology. According to the latest proximity mobile payments forecast from eMarketer, the total value of mobile payment transactions in the U.S. will grow 210% in 2016.
Specifically, eMarketer defines proximity mobile payments as point-of-sale transactions that use mobile phones as a payment method, via tapping, waving and similar functionality.
“Several factors will drive substantial mobile payments growth in the U.S. Mobile wallets like Apple Pay, Android Pay and Samsung Pay will become a standard feature on new smartphones,” said eMarketer analyst Bryan Yeager. “Also, more merchants will adopt point-of-sale systems that can accept mobile payments, and incentives like promotions and loyalty programs will be integrated to attract new users.”
Also driving growth are changes in the types of purchases made using mobile payments. eMarketer expects that consumers will move beyond primarily buying low-priced goods, below $20, with mobile payments to a wider array of price points. Medium-priced purchases, ranging from $20 to $100, will comprise 45.5% of all mobile payments in 2015, growing to 63.9% by 2018.