According to research by McKinsey, mobile purchases will grow from $100 billion in 2015 to an estimated $400 billion by 2020 – a 50% CAGR. Perhaps even more significant, of the roughly $200 billion spent annually across eCommerce & mobile channels presently, nearly 50% of purchases involve stored credentials, a figure that is sure to rise.
For merchants, one-touch payments and digital wallets are a big deal. Why you ask? Because the race is one to provide consumers with with convenience of one-touch payments from existing eCommerce web-sites. Those who use mobile wallets and stored credentials effectively are poised to garner more than their fair-share of the exploding volume of retail sales on mobile devices.