Report highlights the potential of the Latin American market
The mobile payments market in Latin America is expected to see explosive growth in the coming years. A recent report from Pyramid Research shows that Latin America is becoming a very attractive mobile market, which is attracting the attention of prominent companies that have an interest in the mobile space. Mobile subscriptions throughout the region have risen to 735 million, with 62% of all mobile devices being sold in the market being smartphones.
Latin America is becoming an attractive home to merchants that are interested in mobile commerce
The report notes that mobile consumers in Latin America are very engaged in applications and social media. These consumers are heavily influenced by the information that their friends and family on social media sites share. They also hold a considerable amount of influence on those that they are connected to via social media. Mobile commerce can flourish through the world of social media, as consumers often share the experiences that they had, poor or favorable, with mobile commerce platforms.
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Online merchants will need a mobile presence in order to success in Latin America
Online merchants may be able to find significant opportunities in Latin America. Because of the region’s growing mobile consumer base, these merchants have the opportunity to connect with mobile consumers. In order to successfully engage mobile consumers, however, merchants must have the appropriate mobile services in place. Mobile commerce services that provide consumers with an enjoyable experience are likely to find success among consumers, while merchants that do not have a mobile presence may be shunned by the mobile crowd.
Merchants continue to expand throughout Latin America
Several merchants have begun to expand their mobile operations in Latin America. This is opening up new sources of mobile commerce revenue for these companies and helping them connect with consumers. As mobile commerce becomes more common, consumers are more likely to participate in this sector, especially if they can be convinced that mobile payments services are both secure and easy to use.