The U.S. mobile payment market increased 41% from $69.8 billion in 2018 to $98.8 billion in 2019 according to eMarketer. The growth is significant since a mere $12.8 billion was spent in 2012. Mobile payments are increasingly being used by U.S. shoppers as customers become more comfortable with the technology. Mobile payments will be a catalyst for higher mobile-commerce sales.
The U.S. market ranks sixth in the world in terms of mobile payment in comparison to other countries. In the U.S., one reason the digital wallet has not garnered as much acceptance as predicted is the novelty of pulling out the phone instead of a credit card to process a payment. . . . more