Despite the promising growth of mobile transactions, plastic credit cards are still the mode of choice for consumers in America, according to new statistics.
SmartMetric, a biometric payment company has stated that mobile payment transactions do not even come close to matching physical card payments, despite its growing use in the United States.
According to statistics produced by Statista and e-marketer, the projected value of mobile transactions in 2018 will be $118 billion. Although this seems like a large amount, debit and credit card payments hit the $2.4 trillionmark in 2012.
Despite lagging behind card payments, the popularity of mobile transactions in the US is growing. In 2013, the payment transaction value of mobile devices was $1.57 billion. This year mobile payments are expected to be in the region of $9bn. By 2017, there will be a sevenfold increase, with projections hitting the $64 billion mark.
SmartMetric are currently taking advantage of the popularity in card payments, while integrating their product with the latest technology. The Nevada registered company have developed a miniature in-card credit and debit card biometric fingerprint scanner.
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