Tag: mobile commerce market

Experian predicts the dominance of mobile payments

New study highlights the potential decline of debit and credit cards

Experian, a leading information services and credit organization, has predicted that there will be a major shift in commerce in the coming years. The company has released a new study that suggests that mobile payments will be in wider use than debit and credit cards by 2020. Mobile commerce has been gaining momentum over the past few years,  powered by the aggressive adoption of smartphones and other devices in prominent markets.

Survey shows that a growing number of consumers are showing interest in mobile transactions

According to the study, mobile payments are growing particularly quickly in the United Kingdom. The study includes results from a recent survey that Experian held, showing that one in three respondents believe that they will be using mobile payments more than other forms of commerce in the coming years. Nearly half of the respondents noted that they were ready to fully embrace mobile commerce systems that made use of biometric technology. This technology uses biologic information, such as a fingerprint, to protect mobile devices and transactions.

Credit cards and cash are losing their luster among consumers

Mobile payments - ExperianThe survey also showed that 40% of respondents believe in the decline of credit cards, with 70% believing in the declining use of cash. Mobile payments are seen as very convenient for consumers that have begun to base much of their lives on their mobile devices. New payment systems allow consumers to make purchases using nothing more than their smartphones, and retailers are embracing mobile commerce in order to better engage these consumers.

Security remains a major issue for the mobile commerce space

While mobile payments are expected to become more prominent in the coming years, there are still many challenges facing the mobile commerce space. One of these challenges has to do with security. Several companies that support mobile transactions have recently been targeted by malicious groups that want to exploit the financial information of consumers. Without adequate security measures, the growth of mobile commerce may lose steam.

Mobile payments to reach $3 trillion in the next five years

New report predicts the global growth of mobile commerce and payments volume

Market research firm yStats has released a new report that predicts that mobile payments will continue to boom globally. A growing number of consumers are becoming more prone to shopping online and using their mobile devices to pay for products they are interested in. These consumers are also using their mobile devices to pay for products in physical stores. As this becomes more common, the mobile commerce market is expected to reach new heights in terms of payment volume.

Mobile payments will outpace online payments in terms of growth

The report predicts that online payments will exceed $3 trillion within the next five years, with the mobile space driving growth. Mobile payments are expected to outpace online payments in terms of growth over that period of time. New mobile commerce platforms being supported by retailers are making it easier for consumers to pay for products in physical stores. Some of these platforms have managed to find a great deal of success among consumers and the demand for new, mobile-centric services offered by retailers is growing.

Mobile commerce proves to be an attractive concept to many companies

mobile payments to growThe mobile commerce market shows so much promise that companies that had not been involved in commerce are beginning to show interest therein. Snapchat is one of the latest organizations to break into the mobile payments field. The company recently unveiled its new Snapcash service, which allows users of the Snapchat application to send money to one another. Apple also recently entered into the mobile payments space with its own platform, called Apple Pay.

Asia-Pacific region may be the leading market in the mobile commerce field

The Asia-Pacific region is expected to be the leading market wherein mobile commerce thrives. The report from yStats notes that online payment users in China has reached 300 million, with mobile payment users reaching 200 million. In Japan, mobile commerce has been quite common for several years now, but new services are making it possible for consumers to purchase products in stores with nothing more than their mobile devices.