US mobile payments to hit $487bn

US mobile proximity payments will rise to US$487bn gross dollar volume (GDV) by 2020, up from $7.5bn GDV this year, Aite Group forecasts. “While mobile proximity payments will grow quickly as NFC distribution becomes universal and customers begin to use the platforms,” says author Thad Peterson, “mobile commerce will drive more transaction volume than mobile proximity payments in the next five years.”