{"id":2310,"date":"2013-08-12T15:28:51","date_gmt":"2013-08-12T09:58:51","guid":{"rendered":"https:\/\/www.fusioninformatics.com\/blog\/?p=2310"},"modified":"2013-08-12T15:28:51","modified_gmt":"2013-08-12T09:58:51","slug":"fast-growing-mobile-payments-market-convince-hype","status":"publish","type":"post","link":"https:\/\/www.fusioninformatics.com\/blog\/fast-growing-mobile-payments-market-convince-hype\/","title":{"rendered":"The Fast-Growing Mobile Payments Market That Will Convince You It&#039;s Not Hype"},"content":{"rendered":"<p>Consumers gravitate to convenience. That&#8217;s as true with payment technologies as it is with anything else. A prime example is the decades-old trend away from cash or checks and toward credit cards.<\/p>\n<p>Now, the mass adoption of smartphones and tablets has set the stage for a new move \u2014 away from fixed-point, card- and cash-based transactions and toward those completed on mobile.\u00a0The old dream of the &#8220;digital wallet&#8221; is coming true in a very particular mobile-led fashion.<\/p>\n<p>In a <strong><a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">recent\u00a0report<\/a>\u00a0<\/strong>from\u00a0<strong><a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">BI Intelligence<\/a>,\u00a0<\/strong>\u00a0we explain the main types of mobile payments, analyze the state of the mobile payments race, examine the matchup between card readers and near-field communications (<a href=\"http:\/\/www.businessinsider.com\/blackboard\/nfc\">NFC<\/a>), look at how traditional banks, credit card companies, and card processors are responding to the mobile payments threat, and detail who is furthest along in developing the all-in-one solution for merchants and consumers.<\/p>\n<p><a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\"><strong>Access the Full Report By Signing Up For A Free Trial Today &gt;&gt;&gt;<\/strong><\/a><\/p>\n<p><strong>Here are 5 data points that help underscore the explosion:<\/strong><\/p>\n<ul>\n<li><strong><strong>$640 million: <\/strong><\/strong>eMarketer has\u00a0<a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">estimated\u00a0mobile payments as adding up to $640 million in transaction volume in the U.S., up from $170 million in 2011<\/a>. However, this figure does not include swipes on mobile credit card readers like <a href=\"http:\/\/www.businessinsider.com\/blackboard\/square\">Square<\/a> and <a href=\"http:\/\/www.businessinsider.com\/blackboard\/paypal\">PayPal<\/a> Here, only consumer-side mobile payments in-store.<\/li>\n<li><strong>$10 billion:<\/strong> Card readers are building real scale. <a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">Square&#8217;s mobile payments volume rose to $10 billion in 2012, up from $2 billion in 2011<\/a>. <a href=\"http:\/\/www.businessinsider.com\/blackboard\/starbucks\">Starbucks<\/a> is\u00a0switching its credit and debit card processing to Square, and as of January 2013\u00a0<a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">accepts the &#8220;Square Wallet&#8221; app at 7,000 locations.\u00a0<\/a><\/li>\n<li><strong>$14 billion:<\/strong>\u00a0PayPal&#8217;s mobile payments volume. Though much of that volume was from PayPal-enabled mobile commerce, and not in-store payments, <a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">that&#8217;s still evidence of\u00a0mobile catching on as a transactional platform.<\/a><\/li>\n<li><strong>7.9 million:\u00a0<\/strong>As of year-end 2012, <a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">only 7.9 million U.S. consumers (less than 10 percent\u00a0of the total)<\/a>\u00a0had adopted a consumer-facing NFC-compatible system like &#8220;<a href=\"http:\/\/www.businessinsider.com\/blackboard\/google-wallet\">Google Wallet<\/a>,&#8221; or apps that use QR codes or other methods to generate a payment. Starbucks reports that 10% of its U.S. transactions are already powered by smartphones, with consumers holding their phones up for codes to be scanned. Starbucks&#8217;s success shows that mobile payments <em>can go mainstream<\/em>.<\/li>\n<li><strong>$3.95 trillion:\u00a0<\/strong>With more than\u00a0<a href=\"https:\/\/intelligence.businessinsider.com\/who-wins-with-more-mobile-payments-2013-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MP12&amp;utm_content=link&amp;utm_campaign=BIIMobile\">$3.95 trillion of non-cash transaction volume\u00a0recorded in the U.S. alone in 2011<\/a>, the stakes are high in this space.<\/li>\n<\/ul>\n<div>\nRead more: <a href=\"http:\/\/www.businessinsider.com\/mobile-payments-markets-best-data-points-2013-8#ixzz2bkP1aqM2\">http:\/\/www.businessinsider.com\/mobile-payments-markets-best-data-points-2013-8#ixzz2bkP1aqM2<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"Consumers gravitate to convenience. That&#8217;s as true with payment technologies as it is with anything else. A prime&hellip;\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[566,578,579,549,580],"class_list":{"0":"post-2310","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-enterprise-mobile-application-development","7":"tag-mobile-commerce","8":"tag-mobile-payment-market","9":"tag-mobile-payment-technologies","10":"tag-mobile-payments","11":"tag-payment-technologies"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Fast-Growing Mobile Payments Market That Will Convince You It&#039;s Not Hype | AI and IoT application development company<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fusioninformatics.com\/blog\/fast-growing-mobile-payments-market-convince-hype\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Fast-Growing Mobile Payments Market That Will Convince You It&#039;s Not Hype | AI and IoT application development company\" \/>\n<meta property=\"og:description\" content=\"Consumers gravitate to convenience. 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