Mobile commerce set for aggressive growth, according to Forrester Research
Forrester Research, a leading market research firm, has released a new report concerning the performance of mobile commerce in 2012. Last year, more consumers made purchases from their mobile devices than ever before. This may be due to the larger number of people with mobile devices or the more comprehensive mobile commerce services that they have access to. Whatever the case may be, the report shows that mobile commerce had a strong showing throughout 2012, and this momentum is likely to carry the sector to new heights in the future.
Report shows proximity payments drive mobile commerce growth
According to Forrester Research, mobile commerce accounted for $12.84 billion in mobile payments by the end of 2012.The report divides mobile payments into three categories: Mobile proximity payments, peer-to-peer payments, and retail mobile commerce. The report shows that proximity payments, those powered by NFC technology, were one of the most popular ways for consumers to pay for products in physical stores. The report also shows that QR codes used to facilitate mobile transactions were also well received by consumers.
Mobile transactions to grow by 601% by the end of 2017
Forrester Research predicts that the mobile commerce sector will account for more than $90.5 billion in transactions by the end of 2017, a 601% increase over the transactions the sector had seen last year. NFC technology is still a major part of mobile commerce, so proximity payments are likely to continue being a popular option for consumers. Some parties are looking to move away from the technology, however, due to concerns regarding the security of a consumer’s financial information.
Some look for alternatives to NFC technology
Companies like Apple and PayPal are looking for alternative to NFC technology. Both companies are currently developing their own solutions, with PayPal’s mobile wallet service proving to be a somewhat popular alternative. The majority of the companies involved in mobile commerce, however, support NFC technology and its ability to facilitate mobile payments and keep consumers safe from exploitation.