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Mobile devices are edging closer to fulfilling their long-delayed promise as digital wallets.
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Mobile Payments All Set for
Takeoff
According to a recent Mobile payment report from Business Intelligence, titled “Mobile Payments Forecast And Update,” Mobile payments are poised for takeoff. They used their own global smartphone shipments forecast as a pace-setter for overall growth. Data on mobile payments usage and transaction volume from dozens of sources including Starbucks, Square, PayPal, Gartner, and other research firms were incorporated in the report.
The data suggests that Mobile devices are edging closer to fulfilling their long-delayed promise as digital wallets. We discuss details about it in this presentation.
Reasons Which Make Mobile Payment a Success
• Increasing smartphone penetra1on in major global economies.
• The large-‐scale adop1on of tablets and smartphones as registers on the
merchant-‐side. Many mobile payments market es1mates miss the fact that
small businesses and enterprises are adop1ng mobile for point-‐of-‐sale tools.
Merchant-‐side adop1on fuels transac1on value growth.
• The increased convenience, for merchants and consumers, of mobile payments
services, which are nearing "convenience parity" with credit cards and cash.
Forecast Regarding Mobile Payments
•By 2017, the total value of global offline transac1ons facilitated by mobile devices will reach about $1.5 trillion, up from $120 billion in 2012.
‣In the U.S., transac1on value will rise to $244 billion in 2017, from $15 billion last year.
•The number of mobile payments users globally is set to explode as well. By 2017, the total consumer user-‐base will climb past the 500 million mark. That will be more than a five-‐fold increase from the less than 75 million consumers who used mobile payments at year-‐end 2012.
‣In the U.S., there will be 60 million mobile payments users by 2017.
Forecast Regarding Mobile Payments
Barriers to Mobile Payments
Percep&on About Mobile Payment is Changing
In September of 2012, the U.S. Federal Reserve Bank surveyed a large sample of U.S. citizens to identify barriers around mobile payments adoption.Security concerns topped the list. Other prominent reasons were difficulty of use, lack of clarity around the benefits, and little trust in the technology.However, the survey was repeated in March 2013, and the results were noticeably different. Negative sentiment declined across every category. In particular, the proportion of consumers listing security concerns as the main reason for not using mobile payments dropped by about five percentage points.
Comparison of Mobile Payment Solu&ons
Comparison of Mobile Payment Solu&ons
Important Points at a Glance
•Globally, mobile payments will power $1.5 trillion in offline point-‐ of-‐sale transac;ons by 2017, and have a global user base of over 500 million people.
•The real growth in mobile payments transac;on volume is coming from merchant-‐side solu;ons and apps, not yet from widespread consumer adop;on.
•The growth in U.S. mobile payments usage will outpace global growth rates as security fears fade away, par;cularly among younger demographics.
•The efforts of high-‐level compe;tors like PayPal, Square, and Apple in this space may lead to the killer mobile payments app that finally super-‐charges consumer adop;on.
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At TechAhead, we have helped many clients incorporate mobile payments, be it through SMS, Web/WAP based, NFC etc. Mobile payments and mCommerce are on a boom, and every business should make best out of this opportunity. If you are a business, we can help you in this. For any mobile apps development requirement, get in touch with us on [email protected] for FREE 30 minutes no obliga;on consulta;on with our mobile experts($200 Value).
Credits: hSp://www.businessinsider.com
