Mobile Payments Expected to Rise Significantly by 2020

November 30, 2016

Mobile payment purchases are expected to reach more than $314 billion in total value by 2020, according to a Nov. 2016 report by eMarketer.

Average annual spending on smartphones is also expected to increase. The report predicts a rise from $721 in 2016 to $4,133 by 2020.

The report, “US Mobile Payments Outlook: Strong Growth Forecast for Proximity, Peer-to-Peer Payments in 2017 and Beyond,” anticipates retailers will adopt mobile payment acceptance for consumers as the popularity of mobile payments increases. The report also expects pricier items to be more frequently purchased through smartphone payments.

Review the report.