#MobilePayments set for major growth over next three years

U.S. mobile payments at the point of sale (POS) are in position to see significant growth throughout 2016. In fact, new data from eMarketer forecasts mobile payments will exceed $27 billion this year.

The number of mobile payment users in the U.S. is expected to double by the end of 2016, while the average amount each user spends via mobile at the POS is projected to triple. The combination of U.S. consumers spending more per year via mobile and continued growth in the total number of mobile payment users will lead to nearly 70 million consumers spending an estimated $210 billion in mobile payments by 2019. This indicates significant growth from 2015 when fewer than 25 million U.S. consumers spent less than $9 billion with mobile payment methods.

While the number of U.S. consumers making mobile payments at the POS is increasing, it is still a relatively small portion of all mobile users. eMarketer estimates 10 percent of smartphone owners made a mobile POS purchase in 2014. This is expected to grow to 19 percent by the end of this year. By 2019, eMarketer forecasts nearly 33 percent of smartphone users and more than 25 percent of all mobile phone users will make at least one mobile POS purchase per year.

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