Mobile Commerce Daily posted the latest Juniper Research data regarding mobile payments. There will be 2x-3x growth over the next 5 years, and will reach $670B, which isn't surprising. There are many retailers leading the mobile payment trend, such as Starbucks. NFC services are driving consumer adoption. For example, I recently downloaded the new Droid app to make payments with my smartphone at Starbucks. I was impressed by the real-time sync up of my gold card balance and the ease at which I could pay at the register, simply by holding my phone screen up to their barcode reader beside the register, with the app open. It was very fast, and definitely has the cool factor. I noticed that my card balance updated again within 1-2 minutes. That's slick!
I might just be a sucker for cool technology, and for earning free Starbucks drinks, but the fact is I'm spending twice as much as I used to by using my smartphone for payments. I used to reload my gold card every other month or so with about $35-$50 each time. Now, I'm reloading it in 3-4 weeks. By providing an app for my Droid phone, Starbucks caused me to increase my purchasing. I think that would be applicable to other brands I'm loyal to if they created an app as well. There's plenty of money to be made by leveraging mobile payments. The method is quickly becoming the new normal for consumers as we see more and more retailers create their mobile strategies.