US in-store mobile payments to reach $75bn in 2017

In-store mobile payments will top $75 billion this year and are on track to surpass $500 billion by the end of the decade.

The US market will see a significant growth in consumers making payments via mobile with the number of in-store mobile payment users expected to increase at a 40% compound annual growth rate (CAGR) to hit 150 million by the end of 2020, according to a study by BI Intelligence.

Mobile payment volumes are expected to reach $503 billion by 2020, achieving a CAGR of some 80% during the 2015-2020 period.

However, there remain barriers to growth and adoption, including consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants.