Forrester estimates mobile payments hit US$90b by 2017

The independent research company Forrester Research, Inc. (Forrester) in its latest five-year mobile forecast, said that mobile payments in US will reach US$90 billion (RM271 billion) by 2017, a 48 per cent compound annual growth rate (CAGR) from the US$12.8 billion (RM38.6 billion) spent last year.

Forrester has categorized mobile payments into (1) in-store mobile payments (proximity payments); (2) mobile commerce (mCommerce); and (3) mobile peer-to-peer (P2P) and remittances and forecasted in-store mobile payments will represent 45 per cent of the mobile payments market share in 2017 (only 5% in 2012) while 50 per cent by mCommerce (dropped from 90% in 2012).

by Alice Lee