It's no secret that mobile devices transformed how people communicate. When they started becoming mainstream it was revolutionary. However, going forward they will be doing much more than ever before. Mobile devices are on the verge of revolutionizing the shopping experience as the e-payment industry readies to soar. According to Forrester Research, U.S. mobile payments will reach $90 billion by 2017. In 2012, $12.8 billion was spent using a mobile payment system. (e-payments or mobile payments include in-store mobile payments, purchasing with a mobile device and mobile peer-to-peer payments.)
The growing use of smartphones, which makes it much easier for consumers to make e-payments, is the driving force behind the trend. According to Goldman Sachs (NYSE: GS), in 2012, 64 percent of U.S. phone users had smartphones, and by 2015 that number is expected to be 81 percent. The second driving force behind the e-payment movement is the consumer who wants his shopping experience to be as easy as possible. In fact, the number of U.S. mobile phone owners who have used 2D bar codes in the past three months increased from one percent in 2010 to five percent in 2011 and reached 15 percent among smartphone users, indicating that an increasing number of people are looking to their mobile devices to help them make purchases, according to Forrester Research.