10% of Mobile Users Expected to Pay with Phones by 2015

At the inaugural MIT Sloan Hi-Tech conference last week, Google VP of commerce and payments Stephanie Tilenius shared some staggering statistics about the mobile phone market–pointing to a future where smartphone apps will replace ATM machines and checks.

Google is already testing Google Wallet, a mobile payment app that will let customers pay with a smartphone (video demonstration embedded above). What do you think? Check it out:

By 2015, 10 percent of mobile users will pay with their phones, and 2.5 billion people will have bought a digital good. The Google exec went on to describe how her company’s online payment tool, Google Wallet, will transform the mobile payment process. Instead of swiping, customers will now “tap” their phones to pay with their credit cards. The system will simultaneously access the user’s loyalty information and find applicable coupons, including those from print, TV, radio, in-aisle, and billboard ads, making it easier for retailers to track their campaigns and making discounts more accessible for consumers.