While many US based mobile payment service providers may be encouraged by eMarketer’s projection of over 60 billion dollars sales by 2017, implying a great positive growth in the mobile payment industry in the next few years, what they might not know is what motivated eMarketer to revise their US mobile payment projection to reflect this figure.
In their 2013 roundup of mobile commerce, eMarketer observed that the US retail mobile commerce market had been growing in terms of aggregate sales recorded over the few preceding years. Their prediction of mobile based commerce for the year was set at 41 billion dollars. The predictions made by eMarketer were based on roundup of fundamental trends, information and statistics from various indicators that could no longer be ignored by retailers in the industry.
High chances are that their September 2014 prediction of over $60 billion in mobile sales was motivated by a similar high forecast by Apple Inc. that was officially announced during the launch of Apple Pay on September 9, 2014. It is hard to ignore the fact that eMarketer was privy to Apple’s projections earlier before the official date of Apple Pay announcement. Apple has a history of releasing bits of its reports way before it finally makes them official.
A much easier way to get these statistics straight is by at the emerchantbroker.com infographic below. Here, the details have been put straight in a rather direct, easy-to-understand manner that is useful to both retailers and digital shoppers of the mobile payment applications.
What then do these trend projections mean to users of the services? With clarity of what to expect over the mobile platform, more retailers are bound to improve their m-commerce services in order to keep up with the snowballing competition. Improvement in services is absolutely good for the users of the services. In addition, they can directly use these projections as basis when deciding their long term medium-of-payment plans.
The world is really changing fast. I thought pagers were really the future 15-20 years ago but look at where we are now. It is really crazy. Thanks for great reading!