Mobile Payments to Reach $214 Billion By 2015

The U.S. has long been seen as behind the times when it comes to mobile payments, but that has changed over the past 12 to 18 months as the country moves closer to the tipping point that will lead to the popularization of mobile payments, says Aite Group research director Gwenn Bezard.

The key elements that are laying the foundation for mobile payments to grow include rapid consumer adoption of smartphones, consumers’ continued embrace of m-commerce, carriers’ and handset manufacturers’ adoption of NFC chips, and a nationwide increase in mobile banking adoption. Bezard predicts mobile payments will account for $214 billion in gross dollar volume by 2015, up 68 percent from 2010. Bezard advises financial institutions to jump on board if they have not done so already, otherwise they will be at a “serious disadvantage in the next few years.”

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