Tag: mobile payments report

eMarketer has reduced its forecasts for the use and value of these transactions this year and onward.

Even as the mobile payments industry continues to insist that it is on the cusp of a massive explosion in use, eMarketer has slashed its growth estimates in half for the remainder of the year.

In October 2012, the firm had predicted that the market would reach the $2.12 billion mark this year.

However, in their latest report, which was only just released, it has reduced that figure to $1 billion, instead. Between 2011 and 2012, mobile payments had experienced a tripling in its transactions. However, eMarketers’ initial growth estimates have now been scaled back considerably as it witnesses an ever larger number of issues in the way of the adoption of these transactions.

Mobile payments struggles continue in the form of adoption problems, delays and a “congested landscape”.

One of the primary factors contributing to the slow adoption of mobile payments is the companies within that industry. There are a tremendous number of players, each of which have their own competing technologies. This lack of a standard or a universal format is causing both consumers and businesses to feel confused about the industry as a whole and is leading them to hesitate before even considering adopting its use.

eMarketer now feels that it will take until 2016 for mobile payments transactions to reach the $20 billion level. This is a full year longer than their previous forecast. At that rate, however, it could still mean that by the end of 2017, it may be able to reach $58 billion, which is certainly nothing to laugh at.

It should be noted that while adoption isn’t exploding as many predictions had thought, mobile payments remains and extremely hot space at the moment. The chance to redefine the way that people pay for the products and services that they purchase is a tremendous opportunity for startups, big tech companies, and large financial institutions alike. It is the first time that this kind of opportunity has opened up since debit cards joined credit cards as being highly popular forms of plastic transaction at a point of sale.

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.

Businesses 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.