Retail Contactless Mobile Payments Volume $640 Million in 2012

Retail mobile payments using any form of contactless technology will total just $640 million in 2012, eMarketer estimates. That’s an increase of 283 percent over 2011, and eMarket predicts such payments will grow even  234 percent in 2013. 

By 2016, proximity mobile payments transaction value will hit $62.24 billion.

That adoption forecast assumes that, at least initially, most consumers will experiment with mobile payment for low-dollar purchases. A smaller segment of heavy users will habitually buy products such as coffee.

The significant jump in total and per-user spending over the forecast period will be driven by consumers adopting mobile payments for medium-priced purchases such as groceries, gas and fast-casual dining, eMarketer predicts.