Mobile-based proximity payments are gaining prominence in the U.S. Although mobile payments are still small compared to well-established payment methods such as payment cards, they reached a new milestone with the launch of Apple Pay, Alipay, Android Pay, and Samsung Pay, according to a new report from Research and Markets (www.researchandmarkets.com)
Increasing consumer awareness of mobile payment solutions and rising penetration of contactless terminals are likely to drive further growth in mobile-based proximity payments, adds the research group. The U.S. is the second-largest e-commerce market in the world, with a total of $742 billion spent by consumers online in 2017.
Debit and credit cards remain the preferred method of payment for e-commerce purchases, and accounted for 24.5% of total e-commerce transaction value in 2017. In addition to payment cards, emerging payment methods such as digital wallets and mobile are also being used for e-commerce transactions.