Source: Business Insider
This is a preview of Payments Ecosystem research report from Business Insider Intelligence. Purchase this report. Business Insider Intelligence offers even more consumer coverage with Payments & Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox. The rise of mobile payments technology truly began in 2014 when Apple Pay hit the market. At the time, it was the only major mobile wallet out there. But in the last few years, mobile wallets have flooded the market with offerings such as Samsung Pay, Chase Pay, Android Pay, Microsoft Wallet, Walmart Pay, and Kohl’s Pay. Each of these offers unique benefits to the user and encourages customers to form shopping habits around them. And so far, they seem to be succeeding. eMarketer estimates that US proximity mobile payment transactions will grow to $161.41 billion in 2021. Below, we’ve outlined how mobile and contactless payments work and explained the different types of payments technology that are shaping the present and future.