The value of mobile payment transactions made in the US is expected to rise 183.3% this year to US$27.67bn, more than doubling next year and reaching US$314.13bn by the year 2020, research released by eMarketer reveals.
Some 38.4m Americans aged 14 and over will have used their mobile phones to make an in-store payment at least once in the preceding six months this year, representing 19.4% of US smartphone users, the research adds. By 2020, that figure is expected to grow to 33.1% of smartphone users.
Increasing acceptance of proximity payments — defined by eMarketer as including Apple Pay, Android Pay and Samsung Pay as well as branded apps such as Starbucks, Walmart Pay and CVS Pay — at a wider array of merchants is pushing average spend via such methods higher.
“This helps explain why transaction value is growing far faster than the number of users,” eMarketer says.
The value of P2P mobile phone transactions will total $59.24bn in 2016, growing to $92.10bn in 2017.