US Digital Payments Market Outlook, Forecast to 2022

Evolution of Digital Payment Sees eCommerce and Mobile Shopping as Cornerstones
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Published: 19 Apr 2017

This Frost & Sullivan market insight presents an analysis of the key trends in the US digital payments market. It highlights the key technologies, market developments, and strategic initiatives of the leading industry participants that are driving in the era of next-generation digital payments in the United States. The insight also presents the key market forecasts for mobile and eCommerce payments in the United States. Rapid increase in online and mobile commerce services and applications, need to implement faster payment technologies and cross-border payment mechanisms, implementing Big Data solutions to enhance the customer experience, omni-channel retail solutions, and integrated point of sale are the important trends in the US digital payments market. It is essential for merchants and retailers to support the wide range of payment options available to consumers. Doing so, however, requires investments in advanced payment acceptance and processing technologies that can be easily configured to support new payment technologies when they become available. Frost & Sullivan presents an analysis of the important market trends and the key provider requirements to support these trends and maximize the emerging growth opportunities in digital payments. The impact of advanced IT and telecom technologies on digital payments in the United States is presented. This insight also discusses how the Internet of Things, or IoT, will reshape the way in which consumers purchase goods and services and what the key requirements are for ushering in IoT-driven payments on a broader scale. Strong growth in online commerce is a key driver for the growth of connected commerce. Shopping via mobile applications and retail proximity mobile payments are the top use cases for mobile-support commerce activities. Historically, the adoption of P2P financial services in the United States has lagged other major markets. Multiplicity of proprietary financial networks, a premium service model, less awareness about P2P service facilities, and a lesser focus of Tier I financial institutions on developing, promoting, and enhancing P2P services have been the key industry challenges for P2P services. However, the adoption of P2P services has increased at an aggressive pace in the 2014 to 2016 time period in the United States. The key reasons for this growth are presented in this insight.

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