Description

This market insight presents an overview of the US mobile payments market. With proximity mobile payments ready to go mainstream, billions of retail payments will be supported by mobile payments. Introduction of mobile payment solutions by leading smartphone devices and operating system vendors and availability of compatible retail point-of-sale systems are among the growth drivers for proximity mobile payments. Overall, proximity mobile payments precede mobile wallets replacing leather wallets, with benefits for consumers, retailers, financial institutions, and mobile operators alike. This insight presents key technology trends, such as HCE and tokenization, and forecasts for the US proximity mobile payments market from 2016 to 2020.