An eMarketer report predicts that mobile payments in the United States will break the $1 billion barrier this year and then hit $58 billion by 2017.
The eMarketer study defines such payments as “transactions for goods or services made by scanning, tapping, swiping or checking in with a mobile phone at the point of sale.” They differ from mobile commerce, which is defined as purchasing items on a mobile device. The researcher predicts mobile commerce sales will hit $38.4 billion this year.
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Announced Thursday at an event in San Francisco, PayPal Here is set to go head-to-head against mobile payment pioneer Square for part of the small business pie.
Much like Square, PayPal Here will have a card reader that plugs into your mobile phone via the headset jack on your handset. While Square’s reader comes in the form of a white square device, PayPal’s will instead be a blue triangle. The encrypted reader will be available for free to small business owners and can be used to accept credit card payments.
“Consumers are changing how they shop and pay,” says eBay CEO Kevin Donahoe. “Retailers are looking for a technology company they can trust and eBay is that company.”
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