Mobile Payments Expected To Surge (INFOGRAPHIC)

Mobile payments are expected to hit 21.3 percent in 2012.

Mobile payment technology is making it unnecessary to carry a wallet or maintain a bulky cash register at your checkout counter. By using devices and apps like Square and Google Wallet, small businesses are getting paid faster and customers are making more reliable purchases.

Data from Deloitte show that mobile payment usage is expected to spring from 6.8 percent in 2009 to a predicted 21.3 percent in 2012. One thing's for sure, the $5.5 trillion retail-transaction market can expect big changes.

Check out this infographic from Intuit for a crash course on mobile payment technology and its expected growth.

via: Mobile Payment Trends [Infographic]

Comments

[SiobhanBrennan]

09:41 AM on 02/19/2013

2012 was certainly the year of mobile. Mobile consumer spend increased an incredible 304% here in the UK last year and it is becoming the saviour of the high street helping retailers drive traffic into their stores. While the original trend and talk was about mobile apps, many have understood the important of offering a mobile optimised site (or particlally optimised) on critical pages such as the payment page to ensure a seamless payment journey and purchasing experience.

[Jay Gould]

04:14 PM on 05/25/2012

Wells Fargo's P2P service is a direct challenge to PayPal, but is a much bigger threat to Dwolla, another provider of P2P money transfers, which charges $0.25 per transaction. It was always clear to me that at some point the banks would be offering free P2P transfers to their customers and sure enough, that is now a reality. A couple of months ago Barclays launched Pingit, a free P2P mobile payments service, and now its American counterparts are joining in. Dwolla's position is becoming ever more untenable. For more: http://blog.unibulmerchantservices.com/clearxchange-vs-dwolla-revisited.

[jmtlfix]

02:45 PM on 05/18/2012

Great ! another way big brother can track everything you do..what fools. That would make confiscation of your funds really easy the more high tech we get.

[Hormone Guy]

04:36 PM on 05/16/2012

Brilliant! Let the government track EVERY single money transaction you do via these "cashless" devices. Say good bye to what little privacy you had and HELLO Big Brother. Get ready for "tax bills" and "automatic withdrawals" by the thieves in government for what they perceive is "too much income." Let's hear it for the hackers who will quickly figure out how to tap your account and steal more money. Yes no more "bulky wallets"........better to have some 1's and 0's in your bank account. Yep that's REAL fiat money!
The stupidity of clueless Americans who trust their government and their corporate bankster masters is astounding..........all for a little more "convenience!" WAKE UP SHEEPLE!!

[tantm2112]

04:26 PM on 05/16/2012

there will still be some need for cash registers just like mail and radio just not like it was. technology such as using debit cards or even your phone will be ways that are used more but as long as there is cash they will need it plus people still like checks and money orders granted not as much but there will always be a small usage for them

[mymedicalcd]

02:21 PM on 05/13/2012

just getting too leftist why not be fair like oreilly

[NovemberScorp]

10:28 AM on 05/15/2012

LMAO .. O'Reilly and the word fair in the same phrase. Thanks for the great laugh!

[Doug63]

01:35 PM on 05/19/2012

You obviously have never watched or listened to O'Reilly. He will rip on republicans as well as democrats.

[mymedicalcd]

02:19 PM on 05/13/2012

obama shoud not ruin america can i say that so u can publish iran israel enough said biden with jews

[Justgo4it]

02:58 PM on 05/12/2012

sounds great till you get hacked. no thanks I'll pay cash before I fall for this.

[French Toast]

12:31 PM on 05/12/2012

I want the trend to be NO credit cards. Not no credit, no cards. Less visa and mastercard, because they are vampires who suck vendors dry with their fees. Seriously. 10% is a good margin for the vast majority of business. They're charging 3%. Vampires.

That's why I like mobile payment. It's a lot closer e-cash instead of vampire credit cards. And a society that is less physical cash heavy is a good thing, actually. While cybercrime will remain an eternal issue, it really cuts down on things like bank robberies. Statistics bear this out in more progressive more cashless societies.

[koleczek3]

09:06 AM on 05/12/2012

Great idea. Now just 1 computer hacker can screw up everyones money. That is, everyone that isn't smart enough to keep using cash.

[ccdae5]

08:58 AM on 05/12/2012

I still use cash so my purchases can't be tracked.

[kingdaddy 22]

10:12 AM on 05/12/2012

I think that is about the main reason they want this,so they can keep up with what and where and how much you spend.Just another way for Big Brother to keep track of his flock.Plus it will be easier when they make it one world money.

[ccdae5]

10:32 AM on 05/12/2012

Could be.

[French Toast]

12:34 PM on 05/12/2012

1) They want this because it's easier and physically safer in regards to not getting mugged.

2) Your a complete and total know nothing if you think almost any country wants a "one world government". Ask any Canadian if they want to be merged with the United States. Ask almost any countryman of any country if they want that. Or merged with China. Or Russia. Guess what? No one does. No one wants a one world government and a one world currency, while it would be ideal in an ideal world is wholly unfeasible.

Get off of your conspiracy theorist bent. Stop reading poorly constructed websites and pretend like you're the one who "really gets it". You're not. You don't even have a high level of education, so you surely have no real claim to being the guy smart enough to "really get it".

[Foday]

04:08 PM on 05/12/2012

I guess you don't use phone, too LOL

[ccdae5]

08:30 AM on 05/13/2012

Nope, got a phone but don't use it for financial transactions.

[ccdae5]

08:57 AM on 05/12/2012

There are still millions and millions of people who don't use mobile apps, or even debit cards, and many still don't have checking accts, They all still use cash, it's not going away any time soon.

[King72]

12:48 PM on 05/12/2012

It will be right about the same day they last baby boomer dies.

[ccdae5]

01:03 PM on 05/12/2012

Good luck with that there's tons of them and they're living long lives.

[Ayesha Khan]

08:52 AM on 05/12/2012

The idea is not bad but the problem is that it is not possible to make any kinds of payments through which ever mode without the involvement of the banks, in case their is blunder then where one can check? . Well certainly you cannot keep the cash at home. And in case of any transaction even the mobile payment facility requires approval regarding debt, and credit assurance from the banks. This is just another innovation like ATM. People have already seen big blunders by this automated tele device therefore, what is the warranty of safe transaction, how can the retailers check the credibility of the purchaser, not of course without the involvement of a third party, and once again it has to be some financial institute----So back to square one-----

[mraustin]

08:45 AM on 05/12/2012

I went into an electrical supplies store a couple of years ago to buy one simple fuse. The total was about six dollars. When I started to pay, the clerk told me that they did not accept cash. No way to handle it he said. I told him, "put it in the bank". I could have either opened an account, or paid by credit card. I chose to go elsewhere. Big Brother at work!

[jrivers804]

09:49 AM on 05/12/2012

They were also violating the law. Look at the currency, it says "this note is legal tender for all debts private and public."

[xobamab]

11:24 AM on 05/12/2012

Our Government can remove that little inscription any time they want to.

[King72]

01:06 PM on 05/12/2012

A "note" represents a debt, therefore it is a misnomer and not transmittable. In essence what they are saying is the piece of paper with $ denominations represents that the Fed. owes the bearer that amount. A commercial transaction is based on debt, (UCC or Uniform Commercial Code) whereas products/goods/services received in exchange for currency (Gold, Silver or any other commodity or substance exchanged for equal value) is a private matter involving 2 or more sovereign individuals or parties. The UCC establishes fiat paper as a means to regulate commerce between public corporate entities or legal fictions. A legal fiction is an abstract description of a State of being. It exists only in word form on paper.

[twoscoops252]

08:41 AM on 05/12/2012

i'm soo excited,it just vendicates the Word of God (the bible) as being tru,no doubt. in His Word it speaks of these events comin 2 pass b4 the end,so glory 2 God. finally a cashless society boy is time close 2 His return.

[Pavane]

09:20 AM on 05/12/2012

Listen ... get some rest, eh.

[Justgo4it]

03:03 PM on 05/12/2012

for petes sake, you're not on your cell phone are you? spell it out properly if you don't want to be taken as a foo1.