As more and more people move to using debit or credit cards almost entirely for payments, and with the proliferation of smartphones, it makes sense that mobile payments should gain traction. Having a point of sale system with a connection to a credit card company can be expensive, but by using a device like Square, anyone can take a mobile payment where-ever they are. This makes it easier for anyone to sell their products or services, anywhere they want.
Though the market is growing more slowly than previously projected, an eMarketer report predicts that mobile payments in the United States will break the $1 billion barrier this year and then hit $58 billion by 2017.
The eMarketer study defines such payments as “transactions for goods or services made by scanning, tapping, swiping or checking in with a mobile phone at the point of sale.” They differ from mobile commerce, which is defined as purchasing items on a mobile device. The researcher predicts mobile commerce sales will hit $38.4 billion this year. — Report: Mobile Payments to Top $1 Billion in 2013 by Todd Wasserman
