Overview of Mobile Payments in 2015
Last year was a major period of growth for the online and mobile payment industry.
Multiple big-name companies dropped into the scene, while numerous financial technology startups simultaneously joined in to disrupt the scene. The combination of innovation and shear volumes of cash has expanded the fintech scene more than ever before.
Progress made through technology now allows more companies to become involved in finance with less startup and operational money, while the size of the mobile payment sector has become increasingly attractive.
In 2015, close to 60 million Americans used mobile payments on a consistent basis, representing close to 18 percent of the population. However, around 52 percent of Americans are aware of mobile payments and how to use them.
Because of the both the wide awareness and accessibility of mobile payments, analysts at Accenture expect consistent mobile payment use to double this year. Millennials and high-income spenders tended to adopt the technology more quickly, at 23 percent and 38 percent consistent usage respectively.
Even more intriguing than the wide-spread use of mobile payments is how large the market grew. In 2015, $8.71 billion passed through online payment services providers. Even more intriguing is the prediction that this market will more than triple to $27.05 billion by the end of this year.
One primary driver of the fintech boom is the adoption of enhanced security measures, including biometrics, which will ease consumer’s security concerns while increasing adoptability and accessibility.
2015 was considered a massive year for fintech, and 2016 is shaping up to be an even bigger year.