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Analysts: Mobile payments will become a major booming market by 2019

The mobile payment market is still evolving, and should be a booming market by 2019
By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Nov 17, 2014 6:58 pm

Mobile payments are growing in popularity among US consumers, and mobile payments could reach $142 billion in 2019, according to Forrester Research. The analyst firm spoke with PayPal, Visa, Verifone and other companies, and they reported a continued shift towards mobile payments - and while companies have struggled with mobile wallets - next-generation services are building momentum.




"It's not just that we have smartphones," said Denee Carrington, an analyst from Forrester. "It's that we're increasingly dependent or rely on or expect them to deliver more."


Apple Pay receives the majority of media attention related to mobile payments, but Google Wallet, CurrentC, and other services will continue to gain traction. Apple's dedication to the market will lead market acceleration, helping convince retailers to test accepting mobile payments at checkout.


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