This IDC Financial Insights report presents a forecast of consumer spending using mobile devices from 2015 to 2020. Because of growth primarily in mobile commerce, the total value of payments over mobile networks will reach nearly $4 trillion in 2020. Other forms of mobile payments, including payments made with NFC — the technology used by Apple Pay and Android Pay — will also see significant growth worldwide. IDC forecasts the mobile payment methods covered in this report will see a five-year compound annual growth rate (CAGR) of more than 43%.
According to James Wester, research director, Worldwide Payment Strategies at IDC Financial Insights, and author of the report, "Consumers are becoming more dependent upon their mobile devices including using them to search, shop, and pay. As consumers' reliance on smartphones grows, as well as their level of trust that the devices are safe and secure, so will their use of mobile devices to complete transactions. The necessary pieces to spur consumer adoption of mobile payments are finally in place."