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What will happen to mobile payments in the future?

Jan 28, 2014 Dave King

A new method of completing transactions has been emerging in recent years - mobile payments. Industry experts project that 2014 will be a strong year for this technology. In fact, Bill Ready, CEO of Braintree, told Forbes that more mobile browsing will be converted into transactions.

"Time spent shopping on mobile devices has continued to rise over the past several years, but most of this time is spent browsing - not actually converting," Ready told the news source. "By the end of 2014, mobile conversions will increase dramatically as businesses optimize the payment process. Businesses that don't eliminate the friction from mobile transactions will lose out."

Jason Oxman, CEO of the Electronic Transactions Association, told Mobile Payments Today that the technology will continue to evolve, and that 2013 was the "year one" of the modern mobile payments era.

However, he said people shouldn't expect a steep growth curve, as it took 18 years to get to 10 percent online retail penetration. Regardless, businesses would be wise to adopt this technology or risk falling behind the competition.