The State of Payments: Consumer Spending, Mobile Payments and Industry Trends

According to recent data from July, August, and September 2013, there have been major shifts in the use of mobile payments, omni-channel implementation, and consumer spending.

While Americans are still taking non-revolving credit loans for mortgages, education, and cars, they have been more frugal when it comes to revolving credit. Consumer credit card debt has seen a significant drop – $3.7 billion in June, $1.8 billion in July, $1 billion in August, and $2 billion in September.

Mobile POS proximity payments are also on the rise. From 2011 to 2012, we’ve seen an increase of 283% total (from $640M to $1.4B) and this number is expected to rise another 234% by the end of 2013. By 2017, data analysts predict that mobile payments will reach $90 billion.

Although spending has been on the decline, with the holidays around the corner, 41% of small-scale retailers are expecting a stronger 2013 holiday season than in 2012. The folks over at Merchant Warehouse have compiled this data and projections in a handy visual below, that takes a comprehensive look at the current state of payments.