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Mobile pay market changing, but consumers willing to wait and see

The mobile pay market shows great promise, but there is still so much confusion for consumers
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Dec 15, 2014 3:38 pm

Smartphones serve a wide ranging number of functions, and companies hope to see consumers embrace mobile payments. As the number of mobile payment services continues to increase, there is great fragmentation among which services retailers accept, while consumers appear to be waiting to see what happens.




Apple Pay and the Merchant Customer Exchange (MCX) look to have the largest amount of support - and as they battle one another - other rivals will continue to show their wares. However, it's going to be difficult for smartphone owners to find one service, test it, and fall in love with it while there are so many questions that still need to be answered.


Mobile spending in 2019, including online, in-person and person-to-person, will account for just 1 percent of the $16 trillion consumer spending in the United States, according to Forrester Research estimates.


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