A growing number of retailers are adopting various forms of mobile payments, and while consumers still prefer cash and debit/credit card payments, mobile payment could be on the upswing. US mobile payment volume will reach close to 15 percent, growing at 172 percent compound annual growth rate (CAGR) by 2019, according to a new Business Insider Intelligence report.
Apple Pay is the early leader among mobile payment services, though CurrentC and other platforms will be able to attract non-iPhone users. Google Android solutions, such as Softcard and Google Wallet, have seen increased interest following the launch of Apple Pay.
Mobile payments may still be in its infancy, and consumers are worried about security and ease-of-use, but providers will have time to work out the kinks. Meanwhile, additional retailers are expected to explore options available to give consumers more payment options at checkout.