It’s no secret that while smartphone adoption in the U.S. continues to rise – now accounting for 57 percent of the mobile market according to comScore – rollout of in-store mobile payments has been slow and fragmented. Some experts attribute it to infrastructure challenges or hesitancy on behalf of consumers due to security risks. Others suspect the market just isn’t ready.
Despite these challenges, experts still predict that mobile payment adoption is set to take off. According to research from Javelin, the total amount of mobile payments at the point of sale will increase from $398 million last year to $5.4 billion by 2018. But it begs the question: What’s going to drive the drastic shift in consumer behavior that would lead to this market growth? The answer: wearable technology.