Market intelligence firm In-Stat has projected that the number of mobile payment users globally will increase from 116 million in 2011 to 375 million in 2015.
"There appears to be consumer demand for mobile payments," says Amy Cravens, market analyst. "Consumers do recognize pain points with current payment systems and indicate support for a cleaner, easier alternative. If mobile operators are able to push beyond the infrastructural challenges and introduce these services to the mass market, the transactional value of the mobile payments market is positioned to grow nearly tenfold over the next several years."
The report aligns with a recent study of 1,085 U.S. consumers conducted by Mobio, which found that 94% would make a mobile payment if they thought it was secure. The Aite Group has estimated that mobile payment volume in the U.S. will reach $214 billion in 2015, up from just $16 billion in 2010.