Warc, 12 July 2013
NEW YORK: The value of contactless payments made in the US
is set to double to $1bn in 2013, before rising even more rapidly to reach a
potential $58bn by 2017, new research has suggested.
Insights provider eMarketer, defining contactless payments
as transactions for goods or services made by scanning, tapping, swiping or
checking in with a mobile phone at the point of sale, analysed the market
presence of major mobile payment players, adoption rates for smartphone and
mobile payment systems as well as retail spending trends to arrive at these
figures.
The eMarketer report observed that the market was growing
more slowly than previously anticipated because of "a congested landscape
of competing technologies" and various delays facing the many mobile
wallet initiatives.
The majority of consumers utilising this payment method in
the near term are expected to be light users experimenting with low-value
purchases, such as a daily coffee. The annual average spend per user was $76.20
in 2012, predicted to rise to $95.95 in 2013 and $152.54 in 2014.
Faster growth in subsequent years is likely as consumers
adopt mobile payments for a wider range of goods and services at a
correspondingly wider range of price points.
This diversification was, said eMarketer, "critical to
driving habitual consumption, which is crucial for moving mobile payments into
the mainstream".
Just 6% of smartphone users had made a contactless payment
in 2012, but this total was set to rise to 8% in 2013 and to 27% by 2017.
A vital contingent assumption raised by the report was that
more mainstream merchants will start to accept mobile payments. eMarketer noted
that "NFC adoption remains a wild card".
Another limiting factor was the fragmented mobile wallet
landscape, and if there were "adoption clusters" around particular
versions this could see mobile wallets making rapid inroads with both consumers
and merchants, eMarketer suggested.
Data sourced from eMarketer; additional content by Warc
staff
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