Mobile payments set to surpass $1 trillion in US point-of-sale transactions by 2027

The landscape of retail transactions in the United States is on the cusp of a significant transformation, driven by the rapid adoption of mobile payments. By 2027, mobile payments are projected to account for more than $1 trillion in point-of-sale transactions, marking a monumental shift in how Americans engage in everyday commerce.

The surge in mobile payment usage is remarkable. According to eMarketer’s forecast, the value of proximity mobile payment transactions is expected to increase by 21.4% this year alone. This trend of double-digit growth is anticipated to continue through the end of the forecast period in 2028, underscoring the growing reliance on mobile technology for retail transactions.

Nearly four out of ten people in the United States, or 39.3%, will use proximity mobile payments in 2024. This widespread adoption is a testament to the convenience and efficiency that mobile payment platforms offer to consumers. The ability to make quick and secure payments using a smartphone has become a significant driver of this shift.

Apple Pay stands out as the leading proximity mobile payment platform in the US, boasting the highest number of users. Its dominance is followed by the Starbucks mobile app, which has successfully integrated mobile payments with its loyalty program, providing a seamless and rewarding experience for its customers. Google Pay also ranks high, offering a versatile and user-friendly payment solution that appeals to a broad audience.

As mobile payments continue to gain traction, their impact on the retail landscape will become even more pronounced. The anticipated $1 trillion in point-of-sale transactions by 2027 represents not just a shift in payment methods but also a broader transformation in consumer behavior and retail strategies.

Retailers who embrace mobile payment technology will be better positioned to meet the evolving demands of their customers and stay competitive in a rapidly changing market. The continued growth of mobile payments promises to bring greater convenience, security, and personalization to the shopping experience, benefiting both consumers and businesses alike.