Report predicts the future of mobile payments

Deloitte report highlights the potential success that mobile commerce will see this year

Deloitte has released its latest annual Technology, Media & Telecommunications Predictions report, which aims to shed some light on where mobile payments are headed this year. A large number of consumers have become enthralled with the concept of mobile commerce. They are beginning to use their smartphones and tablets to purchase products that they shop for online. This process is considered quite convenient, and new mobile payments services are making it easier for consumers to become involved in mobile commerce.

NFC-enabled mobile payments are growing quickly among consumers

According to the report from Deloitte, 5% of the world’s 650 million NFC-enabled mobile devices will be used at least once a month to make a mobile payment in a physical store. While 5% may not seem overwhelming, this is a significant increase over the number of NFC-enabled devices that were used to make payments in physical stores in 2014. Last year, approximately 0.5% of these devices were used to make an in-store mobile payment.

Forrester report predicts the US mobile payments market will reach $142 billion by 2019

Mobile Payments ReportA similar report from Forrester Research predicts that the mobile commerce market in the United States will reach $142 billion by the end of 2019. This growth will be powered by the growing popularity of mobile commerce services and increased smartphone penetration. Consumers are becoming more comfortable with the concept of mobile payments, especially as secure services are making this sector safer and easier to become involved in.

Large companies bring their customers to the mobile commerce space

Several prominent companies, such as Apple and Samsung, have begun entering into the mobile payments space. These companies have seen a significant rise in the demand for mobile payment support among consumers and are positioning themselves to accommodate this demand effectively. As more large companies enter into the space, the consumers that are loyal to these companies are expected to follow, making use of their mobile commerce platforms and shopping online with their smartphones as well as making payments with their devices in physical stores.

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