US mobile payments to reach $12.8 billion by 2017, says Forrester
Mobile payments in the United States are predicted to increase at a 48 percent compound annual growth rate, from $12.8 billion spent in 2012 to $90 billion by 2017, according to the latest research from Forrester.
The research firm segments mobile payments into three categories: in-store mobile payments (NFC-based proximity payments), mobile remote commerce (m-commerce), and mobile peer-to-peer (P2P) and remittances.
In-store mobile payments are expected to outpace the growth of m-commerce, which currently represents 90 percent of total mobile payments.
"Lower barriers to adoption, increased convenience, and early entrants striving for scale will be important drivers of this growth," observed Forrester analyst Denée Carrington in a blog post.
At the same time, mobile P2P and remittance will lag behind other mobile payment segments.
In another forecast, Forrester predicted that the m-commerce penetration rate will double over the next five years. At the same time, m-commerce will remain a "tiny portion of e-commerce," explained Forrester analyst Sucharita Mulpuru in a blog post.
Only 3 percent of all e-commerce transactions were completed on mobile devices in 2012; this number will only reach 9 percent in 2017, Mulpuru said. Forrester estimated that of the 132 million U.S. mobile web users in 2012, only a quarter of those have ever made purchases via their phones.