January 19th, 2016 by Elma Jane
2015 was a major period of growth for the online and mobile payment industry. Close to 60 million Americans used mobile payments on a consistent basis, representing close to 18 percent of the population. However, around 52 percent of Americans are aware of mobile payments and how to use them.
Because of both the wide awareness and accessibility of mobile payments, analysts expect consistent mobile payment use to double this year. Millennials and high-income spenders tended to adopt the technology more quickly, at 23 percent and 38 percent consistent usage respectively.
Even more intriguing than the wide-spread use of mobile payments is how large the market grew. In 2015, $8.71 billion passed through online payment services providers. Even more intriguing is the prediction that this market will more than triple to $27.05 billion by the end of this year.
Posted in Best Practices for Merchants Tagged with: mobile payment, online, online payment, payment, payment industry, payment services, provider's, services providers