According to the infographic released by M for Mobile, global mobile payments will reach $1.3 trillion in the next 5 years.

Currently 80% of shoppers would prefer to use a Paypal mobile wallet as compared to other wallets such as Google or Apple.

It is expected that 50% of the phones will be NFC enabled by 2015. We will have to wait and see what direction the technology moves to. Currently, there is a lot of scepticism regarding adoption of NFC technologies by large retailers, specially around the cost of implementing NFC Point of Sales system. Oren Betzaleli, executive VP and head of marketing and products for Israeli-based Retalix, speaking to Information Week said that Implementing NFC will be extremely expensive even for the largest retailers as it requires additional hardware.

Regardless of the technology used for mobile payments, we can say for sure that the future of payment is mobile.

mobile payments

Source: M for Mobile