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Is 2016 the Tipping Point for Mobile Payments?

As mobile payments gain momentum, flawless utility and an experience that "wows" are essential.

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Industry experts agree that after years of discussion and much speculation the mobile payments market is finally taking off. In fact, according to eMarketer.com, the U.S. market is expected to triple this year to $27.05 billion, up from $8.71 billion in 2015. And the research firm reported that the number of people making proximity payments will increase by 61.8% to more than 37.5 million. Consider also a recent Gartner, Inc. report that predicted by 2017, mobile commerce revenue in the U.S. will account for 50% of all U.S. digital commerce revenue.   

“While consumers and merchants have been relatively slow to adopt mobile payments until now, we are starting to see the numbers tick upward,” Amanda Smith, strategic product architect for CO-OP Financial Services said. “So 2016 may just be a breakout year for the technology.”

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