U.S. Mobile Payments Expected to Reach $90 Billion by 2017
It’s official: Spending money via mobile is here to stay. New research predicts that mobile payments will reach $90 billion in four years.
Does your association use mobile payments? It seems businesses everywhere use mobile payment products, such as Square, to accept credit cards at tradeshows and other events—and with simple pricing per swipe or per month, it’s easy to see why this option has become so popular.
But we’re not sure anyone could have predicted just how much the industry has boomed over the past few years. And now, Forrester Research has predicted that mobile payments will reach a groundbreaking $90 billion by 2017. That reflects “a 48 percent compound annual growth rate from the $12.8 billion” that was spent last year, Forbes reports.
In other words, expect mobile payments to become routine, if they aren’t already. Some possible reasons for the expected explosion:
Proximity payments (payments made in store, where employees walk around with payment devices to expedite checkout) will make up $41 billion of the projected $90 billion. Reason for the boom? It’s easy to adopt and convenient.
Paying your peers has never been easier; mobile makes transfers among friends or business clients simple and fast (although mobile security is still an issue).
Mobile payments to institutions (paying, say, utility or credit card bills when you have no access to a computer) are quick and easy. In a world in which everyone wants a solution right now, payments that are instantly confirmed bring a sigh of relief.
How does this translate to associations? Imagine a world in which members pay their dues on time, conference attendance starts with easy links in mobile-friendly newsletters to make payments fast, and bonuses are awarded instantaneously. Just maybe that dream will become a reality.
How are you using mobile payments? Share your ideas in the comments.