Mobile payments set for major growth in the future

Mobile payments are growing more popular

Mobile payments have already been growing in popularity around the world, but with consumers becoming more acclimated to the services that are available to them, mobile payments are set to see accelerated growth in the near future.  Consumers are beginning to see the benefits they could take advantage of through participating in mobile commerce. The convenience that mobile payments represents has, thus far, been one of the most attractive aspects of this new form of commerce and this aspect is likely to continue attracting the interests of consumers for years to come.

Report sheds light on various factors in mobile commerce space

BI Intelligence, a leading market research firm, recently released a report concerning the growth of mobile payments in the U.S. and in Europe. The report shows that mobile payments are becoming more common as smartphone penetration grows around the world. As more consumers get their hands on smartphones, the more likely they are to shop online using their mobile device. Young, affluent consumers have been leading the charge toward mobile commerce for some time, and these consumers in Asian and African markets are expected to be the major source of growth in mobile commerce in those regions of the world.

mobile payments consumersBusinesses growing eager to embrace mobile payments

The report shows that consumers are not alone in their interest in mobile payments. Businesses are beginning to become more accommodating of mobile commerce as smartphones and tablets become the favored shopping platforms for consumers. The report shows that higher transaction volumes through mobile sales will be the primary growth driver of mobile commerce among businesses in the future.

Mobile payments platforms have yet to be a hit with consumers

The report notes that mobile commerce platforms are plentiful, almost annoyingly so for consumers. While there is a multitide of mobile payments services to choose from, none of these have yet become a major hit with consumers. Even PayPal’s mobile commerce platform has yet to appeal to a significant number of consumers.

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