The mobile market is expected to boom in the next few years, with 700 percent estimated growth rate over the next two years - evolving from a $3.5 billion industry in 2014 up to a $27.5 billion market by 2016, according to eMarketer. However, many US consumers are refusing to leave behind cash, debit and credit cards in favor of mobile payments - and providers need to find a way to convince them to embrace mobile payments.
"No one has hit on the magic combination of features that will make people migrate their payment behavior," said Bill Maurer, dean of University of California, Irvine's Scool of Social Sciences and director of the Institute for Money, Technology and Financial Inclusion. "Folks are used to the idea of pulling a card out of their wallet. That's a behavior established for over to 30 to 40 years, and it's not going away overnight."
Apple Pay and CurrentC are the front runners in the mobile payment system - and consumers likely don't care about the companies involved - and just want a reason to try mobile payments.