Mobile payments to explode in U.S., Aite predicts

11/19/2010 | Bank Systems & Technology

The U.S. has trailed other countries in the adoption of mobile payments, but Aite Group has predicted that the sector will hit $214 billion over the next several years. Mobile payments are expected to surge as consumers rapidly adopt smartphones and embrace mobile commerce. Other factors contributing to the trend are the adoption of NFC chips by handset manufacturers and carriers and an increase in adoption of mobile banking, according to an Aite report, which makes references to American Express, TSYS, Chase, Visa, MasterCard, Bank of America, U.S. Bank and other firms.

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