Smart phones are the biggest opportunity on Main Street because they are emblematic of a new era. Just as the cash era became the card era, the card era is evolving to the smart device era. Consumers are beginning to use devices for making payments in place of cash or cards.
The way consumers shop is driving this change. According to eMarketer, in 2012, U.S. consumer spending via mobile devices nearly doubled over 2011 levels. Shoppers used their smart phones and tablets to make $25 billion in purchases in 2012, an increase of 81 percent over the previous year (Musil, 2013). eMarketer expects consumers to make nearly $87 billion in mobile purchases by 2016, more than 27 percent of all ecommerce transactions (Musil, 2013). As consumers become more mobile, so do merchants. This time, consumers and merchants–not banks, issuers nor processors—are driving the evolution to mobile payments.
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