Consumers in mature markets are embracing mobile payments more aggressively

QR Codes Television smart TV mobile payments

Half of all consumers may opt to use their mobile devices to purchase products by 2018

Half of all consumers in mature markets are expected to be using their smartphones and wearable devices to make mobile payments by 2018, according to a new report from Gartner. Innovation in mobile applications and services will likely have a major impact on traditional business models, forcing merchants to take steps to better engage mobile consumers. More consumers are beginning to use their devices for productivity and entertainment, a trend that is creating new opportunities for businesses.

NFC technology may lose momentum in the coming years

As mobile payments become more important to consumers, some companies may find it difficult to see sustained success in the burgeoning market. This is because they rely heavily on NFC technology. This technology allows digital information to be transmitted over short distances, which has become a very powerful tool in the mobile payments space. Unfortunately, many consumers still lack NFC-enabled devices, which prevents them from using some of the newer mobile payments platforms. These consumers must, instead, use QR codes and other solutions in order to use their devices to make purchases.

Mobile TV is on the rise

QR Codes Television smart TV mobile paymentsGartner has seen a significant rise in Mobile TV viewership, as well. The firm’s report shows predicts that there will be a 75% increase in TV-style content being viewed by mobile consumers by 2018. This could serve as a disruptive force for the traditional pay-TV market. Consumers are relying more heavily on their mobile devices for entertainment, using services like Netflix and Hulu to watch shows and movies they are interested in. Moreover, these consumers are showing that they are more willing to pay for such services than to pay for traditional TV.

20% of consumers likely to have data-only connection by 2019

Consumers may become extremely mobile-centric in the coming years. Gartner predicts that 20% of consumers in mature markets throughout the world will have a mobile data-only connection by 2019. Data consumption has been rising rapidly thanks to improved technologies, allowing consumers to get better value out of their mobile devices. Data-only connections are expected to become a very popular thing among consumers, a trend that businesses may have to take note of.

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