Mobile Payments Booming in 2015


We all know that mobile is heavily influencing how we live, how we work, and how we market to our customers. What we may have overlooked is how it is changing the way we spend money.

Mobile payments are expected to increase 1,000% in 2015. No that isn’t a typo….that’s one thousand percent! A new research study by Deloitte calls for this astronomical increase in global payments this year.

“Smartphones are already being used to check balances, transfer funds and transact online, but they have not reached a ‘mobile wallet’ status globally,” says Jolyon Barker of Deloitte Global. “We predict 2015 will be the first year that all mainstream mobile requirements will be addressed, making smartphone payment options easier, with user friendly security in place.”

Tech Week Europe reports that 10% of smartphone users worldwide will make an in-store purchase using their phones in 2015. This compares to the less than one half of one percent who made in-store purchases via their smart phone in 2014.

It will be interesting to watch as the market adapts and changes to the acceptance and usage of mobile payments.

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