Forrester: U.S. Mobile Payments Industry to Reach $142 Billion in 2019

Forrester, a leading technology research firm, reported new statistics on the growth of mobile payments in the U.S.

Data from the study concludes that mobile monetary transactions are expected to reach $142 billion in 2019.

When asked about the study, Denée Carrington, a Forrester analyst said, “It’s not just that we have smartphones. It’s that we’re increasingly dependent or rely on or expect them to deliver more.”

Forrester researchers and analysts spoke to top performing businesses in the payments industry for the study, including PayPal, Verifone and Visa. Based on their findings, the team expects the next five years to be very exciting. The study stated that the past five years was the maturing and development stages of the up-and-coming industry.

The next stage, which started this year, is for mobile platforms to reach mainstream consumers. While companies such as Google, Apple and AT&T are expected to benefit early from the shift in mobile commerce growth, there is also plenty of room for new and emerging payment platforms to flourish.

In particular, companies that cater to small and medium-sized businesses (SMBs) may be able to provide customized solutions in the area of mobile payment apps. Additionally, competitive packages with low or bundled transaction fees may surface, as the market quickly gains momentum.

The comprehensive study also highlighted information on remote mobile payments. New data suggests that purchases through apps and mobile websites will account for the largest growth in the industry over the next five years, reaching $91 billion.

Although not a large part of online payments, peer-to-peer transactions are expected grow to $17 billion in 2019. Peer-to-peer payments reached $5.2 billion this year due to large companies such as Venmo, Gmail and Square Cash, pushing for personalized payment alternatives.