In less than two years, mobile payments are set to be accepted by 53% of merchants and the transaction channel is poised to start replacing cash and credit cards.

Michael Kelly, president/CEO of PSCU, a St. Petersburg, Fla.-based payments CUSO, recently shared the stat during a session at NACUSO's annual conference in Las Vegas.

Read more from the Payments Focus Report:

In 2010, mobile payments totaled $5 billion, Kelly said. In 2015, that figure is set to soar to $119 billion given that more Americans have smartphones and with the continued growth of mobile commerce and remote payments.

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