Trends in mobile payment show considerable growth

Mobile payments globally trending

A report carried out by Forbes highlights the growing trend in consumers using their mobile devices to pay for things.

Following Black Friday, eBay and PayPal reported a 153% and 193% year on year increase in mobile payments, respectively. Growth such as this fuels technology research firm Gartner’s forecast that worldwide mobile payment transactions values will surpass $171.5 billion in 2012, up nearly 62% compared to 2011, and will average 42% annual growth between 2011 and 2016.

As consumers embrace the notion of leaving your wallet at home and using apps on their smartphone to pay, one group among others that needs to stay in touch with what I call this Cashless Consumption trend is restaurants. According to data from the National Restaurant Association, 54% of restaurant owners say they’ll invest more in technology in 2013.

One of the company’s that has embraced mobile payment with its own mobile payment app and the adoption of Square is Starbucks (SBUX). Starbucks’s Chief digital officer Adam Brotman expects the company’s mobile payment platform to account for 10% of payments in Starbucks U.S. stores by the end of fiscal 2013.

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