Is $75 Billion In 2016 Mobile In-Store Payments Realistic?

At least one research firm thinks in-store mobile payments, mobile wallets usage, is set to explode in the U.S., despite accounts of slow uptake by consumers and crawling installation of NFC terminals by retailers.

The Business Insider Intelligence’s 2016 Mobile Payments Report predicts volume of in-store mobile payments will hit $75 billion this year and $503 billion by 2020. The authors say despite the hurdles of consumer habit and spotty availability, wallets’ benefits to both retailers and shoppers, such as security, speedier checkout process and app integration will boost usage quickly and heavily.

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