Tag: mobile payments statistics

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.

 ABI Research releases new report concerning growth of NFC-based mobile payments

NFC-based mobile payments are expected to see a massive boom in the coming years, according to a new report from ABI Research. Mobile commerce has been growing in popularity with consumers, leading many to believe that mobile payments are far more convenient than traditional forms of commerce. Consumers are gaining access to a growing variety of NFC-enabled mobile devices, which is boosting their exposure to mobile commerce. ABI Research predicts that this exposure will drive growth behind the burgeoning industry.

Report shows growth despite concerns regarding NFC technology

According to the firm’s report, the total value of NFC-based mobile payments will reach $100 billion by 2016. This prediction accounts for the swelling tide of criticism that has been directed at NFC technology recently. Critics of the technology claim that it is not safe enough for mobile commerce, with others suggesting that it is simply not capable of handling the needs of consumers. While some of these concerns have slowed the progress of the mobile commerce industry, which is heavily based on NFC technology, ABI Research expects that the industry will continue to grow well into the future.

Predictions may be derailed by new technologies and platforms

The report shows that NFC-based mobile payments are currently valued at $4 billion for this year. ABI Research estimates that this will blossom to $191 billion by the end of 2017. After this point, mobile commerce may see its progress and expansion slow somewhat, but continue to grow nonetheless. It is possible for this prediction to be derailed due to the emergence of a new technology or mobile payment platform that does not use NFC technology, a prospect that is becoming more possible with every passing day.

More companies beginning to look for alternative to NFC technology

Because of the problems associated with NFC technology, companies that are interested in mobile commerce, such as PayPal and Apple, are developing their own platforms for mobile payments. These companies are forgoing the use of NFC technology to allow consumers to make payments with mobile devices in a different way. If these technologies manage to capture the interest of consumers at large, the growth of NFC-based mobile payments may turn out very different than what ABI Research predicts.