Growing adoption of mobile technology could lead to a boom in mobile commerce

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New report shows that 90% of the world’s population will have a mobile device by 2020

Ericsson, a multi-national communications technology and service provider, has released a new report concerning the growing adoption of mobile technology. According to the report, 90% of the world’s population over the age of 6 will have a mobile device of some kind by 2020. This will have major implications for the mobile commerce field, of course, as this growth in device penetration will also create new opportunities for mobile shopping and payments.

India and China see major growth in their mobile population

Smartphones currently account for 37% of all mobile devices owned by consumers worldwide, but they represent 65% of new mobile device purchases as well. India and China are home to the fastest growing adoption rates for mobile technology in the world. During the third quarter of this year, both countries saw their mobile subscription increase from 12 million to 18 million. Consumers in the Asia Pacific region now account for more than half of all mobile devices in use throughout the world.

Financial institutions are becoming more mobile-centric to engage consumers

mobile commerce devices technology social external battery chargerThe rapid increase in mobile consumers may have major implications for the financial service sector, especially when it comes to developing countries. In small counties, mobile device adoption has forced financial institutions to embrace branchless banking and change the way they provide loans and service money transfers. Those in rural areas have been able to manage their funds more capably and have been able to issue funds to their families with relative ease.

Mobile commerce may flourish thanks to rapid adoption of mobile technology

Mobile payments are likely to become much more prominent as consumers embrace new devices. Mobile adoption means that more people are becoming exposed to the concept of mobile commerce, which offers a great deal of convenience to those that are looking to shop online and at physical stores. As more people become comfortable with their new mobile devices, they may become more likely to shop online using these devices.

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