Mobile commerce continues to experience explosive growth
The mobile sector is continuing to grow rapidly and this growth is showing no signs of slowing down in the immediate future. As mobile technology becomes a more prominent part of people’s lives, it is beginning to have an effect on various aspects of society and economy. Mobile commerce, for instance, emerged as a result of the rampant popularity of smartphones, tablets, and online shopping. Though mobile commerce is still in a state of infancy, it could have a significant impact on the global economy, one that businesses could reap the benefits of for years to come.
Report highlights trends emerging in the mobile space
A new report from BI Intelligence sheds some light on the trends that have emerged in the mobile commerce sector. The report focuses on the explosive growth this sector has experienced over the past three years and how it is affecting the retail industry and a variety of businesses around the world. According to BI Intelligence, mobile payments are becoming increasingly common among consumers of all ages, but young consumers appear to be most comfortable with the concept of mobile payments than their older counterparts.
Mobile payments are on the rise worldwide
The report predicts that mobile payments will account for 2% of all credit and debit card transactions in the U.S. and 4% globally by the end of 2013. This accounts for a 118% in mobile commerce transactions over the past five years in the U.S. alone. The report notes that growth in the mobile commerce space is much more significant in Africa and the Asian-Pacific market, where smartphone ownership is beginning to pick up momentum.
Innovative platforms are being released at a rapid pace
The report also shows that mobile wallets and other such platforms are beginning to grow in popularity among consumers. Notably, platforms that leverage QR codes to facilitate mobile payments have become quite common and have received praise from those participating in mobile commerce. Moreover, businesses with a vested interest in the mobile commerce field have been powering innovation, leading to the emergence of new, more comprehensive payment platforms that offer enhanced security and more convenient services to consumers.