US in-store mobile payments are expected to hit $189bn mark by 2018, registering a compounded annual growth rate of 153% compared to $1.8bn in 2013, according to a report released by BI Intelligence.
Despite remarkable growth and adoption of mobile payments by the merchants across the US, these are still not expected to account for a major chunk until 2016.
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Buoyed by increased adoption of smartphones, consumers are enthusiastic to pay using their mobile devices; however, only a handful of US merchants have embraced the concept of mobile commerce, which is slowing mobile payments growth in the country.
Starting 2016, the US merchants will be able to find more success in their mobile commerce efforts, when they begin embracing new, mobile-centric network technologies, according to the report.
The company said that the report is based on its tracking of the mobile payments industry, conversations with executives at mobile payments companies, as well as estimates from other research firms.
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