The US may become a prominent mobile commerce market in the near future
Mobile payments may be set to see explosive growth in the U.S., according to analysis from BI Intelligence. The firm has estimated that global mobile commerce spending in 2013 reached $223 billion, approximately 4% of the total credit and debit transactions made in that year. The U.S. has been lagging behind the Asian-Pacific and African markets, however, U.S. consumers have been growing more interested in mobile commerce over the past year.
Mobile transactions continue to find strong growth throughout the US
According to BI Intelligence, mobile transactions in the U.S. have grown by 118% per year for the past five years. This growth is expected to continue through the foreseeable future and may help the U.S. become a leader in the mobile commerce market. Much of this growth is being powered by retailers that are working to embrace the mobile space more aggressively. Retailers are embracing mobile commerce in order to become more accommodating of the changing interests of consumers.
Large companies are making it easier for consumers to get involved in the mobile space
Large companies like Amazon and PayPal are also making it easier for consumers to participate in mobile commerce. These companies are providing services that encourage consumers to use their mobile devices more while shopping online. Other companies, like Square, have also helped expand mobile commerce accessibility to devices that do not support NFC technology. NFC has served as the backbone of mobile commerce for some time, but iOS devices do not support this technology. Companies like Square have helped a wider range of consumers participate in the mobile commerce field.
Security continues to be a challenge for the mobile commerce field
There are still many challenges that face mobile commerce in the U.S., of course. The most significant of these challenges has to do with security. Mobile payments have become a very attractive target for malicious groups looking to exploit financial information. Security concerns could derail the growth that mobile commerce is able to find in the U.S., but many organizations are beginning to take security much more seriously than they had in the past.