While U.S. consumers are still slow to use their phones to make payments in physical environments, the value of these payments is expected to rise 283 percent this year bringing the total transaction value of mobile payments in the U.S. to $640 million for 2012. This is according to a new report from eMarketer.
The report predicts that by 2016, the total transaction value of mobile payments in the U.S. will hit $62.24 billion. (You can see the predictions in the chart on the right).
eMarketer says that consumers who use mobile payments today do so for lower priced transactions like coffee, but will begin to make larger purchases with their phones pretty soon.
Check it out: “The significant jump in total and per-user spending over the forecast period will be driven by consumers adopting mobile payments for medium-priced purchases such as groceries, gas and fast-casual dining. eMarketer views this type of habitual consumption as crucial for moving mobile payments into the mainstream.”