Mobile apps with integrated payment features are now mainstream ways for consumers to shop, order and pay for almost any product or service. The emergence of mobile significantly impacts the value chain of payments from merchant acquirers to card networks/issuers to merchants. This new report, U.S. Mobile Payments Market Forecast, 2016–2025: Merchants Grow as Mobile Goes Mainstream, discusses the developing segments of the mobile pay landscape and how consumer behavior is impacting various players. Additionally, the report presents the mobile payments market data forecast.
“Consumers are in the driver’s seat related to deciding when, where, and how to buy from merchants. Lifestyle commerce reflects people on the go, making quick and frequent stops, for coffee or a snack as well as for the convenience of ordering meals for takeout or delivery. Mobile payment apps fit this buying model perfectly, and we should expect more vertical retail markets to meet these trending consumer patterns,” commented the author of this report.
- Digital shopping and mobile payments dynamics
- Opportunities and challenges impacting mobile payments
- U.S. mobile payment ecosystem
- Mobile payment market data forecast
- Vertical market mobile pay growth prospects
Digital Shopping and Mobile Payments Are Now Mainstream
Market Conditions Enable Mobile Payments
Obstacles Preventing Widespread Adoption of Mobile Pay
The US Mobile Pay Ecosystem Takes Shape
Universal Mobile Wallets Are Losing Momentum
Merchant Mobile Apps Find Winning Ways
Banks, Networks, and E-Commerce Platforms Join the Competition
US Mobile Pay Market Forecast
Consumer Preferences for Mobile Payments Are Mixed and Evolving
Lifestyle Commerce Drives Mobile App Use
Future Mobile Pay App Growth Opportunities for Merchants
While it is said that a rising tide lifts all boats, this is not the case in the U.S. mobile payments market. It’s true, though, that smartphones are now ubiquitous among consumers, young and old alike. And e-commerce has become a major sales channel across retail vertical markets. Mobile devices have increasingly become the online link for many consumers. Mobile apps have saturated smartphones and become a lifestyle commerce driver used to shop, order, and pay for almost any product or service. The convergence of e-commerce growth and smartphone penetration and market maturity would seem to indicate that all mobile payment providers are enjoying the same amount of adoption and frequency of use. But in the last year or so, we have begun to see a divergence in consumer mobile payment use. Specifically, the universal wallets of Apple, Google, and Samsung are experiencing sluggish growth, and sometimes not even that. However, prominent merchant and retail brands are showing strength and even some signs of winning the race for the most use of mobile payments by consumers. Many factors are contributing to these changes. This report delves into the reasons and the future implications for major stakeholders.