Over the past few years, smartphones have become our constant companions. We use them to stay in touch with our friends, to read the news, to watch TV and, thanks to services such as Apple Pay or Android Pay, we can even use them to pay for our groceries. That is in theory at least.
Adoption of mobile payment services has been slower than many had expected. According to estimates by Statista’s analysts, 35 million Americans used their smartphone to pay at a physical store last year, a number that is expected to rise sharply in the future though.
According to our Digital Market Outlook, the mobile payment transaction volume could rise from $25 billion in 2016 to nearly $275 billion by 2021 — that’s an average annual growth rate of 62 percent!