Mobile payments may go mainstream in 2015
|Deloitte report suggests that mobile payments will become a mainstream success this year
This year, mobile payments may experience strong growth, even becoming mainstream in some parts of the world. According to a report from Deloitte, a global professional services firm, mobile payments is expected to see phenomenal growth in 2015. In-store mobile transactions, in particular, will experience global growth, as more retailers begin to use mobile point-of-sale systems in order to engage mobile consumers more effectively.
In-store mobile transactions expected to grow by more than 1,000%
According to the report, global in-store mobile payments will grow by more than 1,000% this year. An estimated 10% of all smartphones throughout the world will be used to make a mobile transaction in a physical store at least once a month. Last year, less than half of these devices were used to make mobile payments in stores. Retailers are embracing new payment services in order to connect with a growing audience of mobile consumers. These people are beginning to heavily rely on their mobile devices in their daily lives, and their interest in mobile shopping has been growing aggressively over the past several years.
Mainstream acceptance of mobile commerce may be possible
Security remains a major challenge for the growing mobile commerce industry
There are still challenges that the mobile payments space must overcome. One of the most significant of these challenges is security. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for those that would exploit this financial information. As such, security is becoming a major priority for firms that offer mobile payment services.