Mobile Payments To Top $1 Billion in 2013

Although the mobile payments market is growing slower than projected, eMarketer nonetheless predicts that mobile payments in the US will break the $1 Billion mark this year – and then shoot up to $58 Billion by 2017. The report defines mobile payments as “transactions for goods or services made by scanning, tapping, swiping, or checking in with a mobile phone at the point o sale,” which differs from mobile commerce – defined as purchasing items on a mobile device. Those sales will hit $34 Billion this year. Mobile payments stalled this year due to the “congested landscape of competing technologies,” that will check its growth until about 2016, when eMarketer predicts a consolidation that will allow the medium to take off.