The convenience of our mobile devices continues to grow, especially when it comes to mobile payments. A total of 16.3% of all things sold on Black Friday were purchased through smartphones or tablets. Not only are more people coming around to shopping on their devices, but they're spending more as well. A jump from $105.9 billion in 2011 to $171.5 billion in 2012; a 62% increase.
Since 2011, payments by smartphone owners have increased by 41%, a huge jump. Half of the participants in a study cited mobile payments as time saving, and 43% expressed the convenience of paying on the go.
Square, the startup from 2011 boomed in popularity in 2012 changing the face of mobile payments. The square shaped card scanner fits tight into the headphone jack of a smartphone and has allowed independent business owners to easily and quickly accept credit card payments. Some apps are specific for uses like GrubHub based for restaurants and Dwolla that works like a prepaid debit card.
Take a look at the infographic, courtesy of merchantwarehouse.com for more on the state of mobile payments.
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