Smartphone owners frequently enjoy the convenience of mobile shopping and are increasingly reaching for their mobile devices to make payments. In fact, recently released data found total revenue of mobile payment market in 2015 reached $450 billion. That total is expected to climb to $620 billion by the end of 2016, representing a 38 percent annual growth rate.
New findings from the Institute of Electrical and Electronics Engineers (IEEE) support this growth forecast. IEEE is projecting mobile payments will overtake traditional payment methods by the year 2030. The report, which surveyed 2,000 tech enthusiasts, found 70 percent of respondents believe mobile payments will be secure enough to overtake cash and credit cards by 2030.
Before the majority of consumers are ready to exchange their cash and credit cards for mobile, however, they need assurance mobile payments are secure. IEEE found the following security concerns deterred respondents from embracing mobile payments:
- Payment information hacks — 46 percent
- Unauthorized payment processed by a provider — 33 percent
- Accidental payments — 13 percent
