Mobile payments are growing globally

New report highlights the growth of mobile commerce across 13 countries

MEF, a global trade association focused on the mobile space, has release the first report in its Global Consumer Insights Series on Mobile Money. The report highlights the growing popularity of mobile payments across 13 countries. Mobile commerce has been making strong growth in many of the world’s most prominent markets. Much of this growth is being driven by the growing number of people that have smartphones and tablets and how much they are beginning to use these devices in their daily lives.Mobile Payments - Global Growth

Report shows 15% of device users have made a mobile purchase in 2013

According to the report, some 15% of device users throughout 2013 made some form of mobile payment from their smartphones or tablets. The majority of these people made a purchase using some kind of mobile wallet application. These applications primarily leverage NFC technology, which allows digital information to be transmitted over short distances. Mobile wallets that do not make use of NFC technology are becoming more popular, however, as NFC-enabled mobile devices are still somewhat rare.

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Mobile money users are becoming more important to businesses around the world

The report shows that mobile money users tend to spend more on individual purchases than others. The report notes that mobile money users are 10% less likely to make low-value payments and 14% more likely to make mid-value payments.  These particular consumers are becoming an important demographic for businesses that wish to engage the mobile audience, especially because these consumers are more likely to participate in mobile-centric initiatives, particularly those that leverage some kind of engagement technology, such as QR codes.

Mobile-only culture is beginning to emerge in developing countries

MEF’s report suggests that a “mobile-only” culture is beginning to emerge in developing countries. This involves people becoming more dependent on their mobile devices and making use of services that are only available through mobile platforms. Mobile banking, for instance, is becoming quite popular and a growing number of consumers are beginning to manage their finances solely through these mobile platforms. Mobile banking is expected to become much more popular than it already is as more financial institutions begin targeting mobile consumers.

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