NFC-powered mobile commerce continues to gain momentum amongst consumers as telecommunications and technology company labor to raise awareness of NFC technology. Parks Associates, a leading market research and consultation firm, has released a new report outlining the rising demand for mobile commerce coming from consumers. The report shows that mobile consumers are becoming increasingly enamored with “mobile wallets” – the concept of smart phones doubling as payment devices. The increasing demand is attributed to the convenience inherent in the mobile wallet payment system.
According to the report, nearly half of the smart phone owners in the U.S. consider a mobile wallet appealing in some way. The report notes that some 16% of PayPal users conduct transactions online from their mobile devices, showing that mobile payments are, in fact, becoming a popular way to make purchases. Telecommunications companies are also investing heavily into NFC technology, which is the engine behind mobile commerce. These factors all culminate to drive the market value of mobile commerce to exceed $800 billion in the U.S. by 2015, according to Parks Associates.
The agency likens the swelling support behind mobile commerce to an economic revolution. While some security concerns persist, consumers have shown a general liking for the idea of paying for everything electronically with their mobile device. Mobile commerce may not solve any of the world’s weighty economic problems, but it will certainly grant more freedom to consumers looking to adopt new financial practices.
