There’s a lot of forecasts when it comes to mobile payments, and many of them don’t stack up. Figures from another report may be enough to raise an eyebrow as it suggests global online and mobile payments will reach three trillion in Euros ($4T U.S.) within the next five years.
A recent study by Hamburg-based yStats.com says “the mobile payment sector will outpace online and the total payments market, buoyed by the launch of mobile payment solutions such as Apple Pay. One-touch checkout will become a growing trend, with one-touch technologies introduced by Apple, PayPal, and Amazon.”
The report also predicts the Asia-Pacific market will take over North American’s place as the biggest online retail market.
“In China, the biggest market in the Asia-Pacific region, local third party payment providers dominate mobile and online payments. The number of online payment users in the country totaled to about 300 million, while mobile payment users hit 200 million,” the report said. “In the U.S., credit cards are still the leading payment method, being preferred by 48 percent of online customers in 2014. Security, however, remains a major concern in both mobile and online payments in the US, as well as in Canada.”
But $4 trillion? That’s a hefty number to report based on recent global mobile transaction volume projections.
