Mobile commerce continues to gain momentum in the North American market
Mobile commerce is becoming a popular concept all over the world. The growth of the industry has relied heavily on NFC technology and the interest it has managed to attract from companies like Google, PayPal and financial institutions. While these companies have shown varying degrees of support for NFC technology, many of these support the basic premise of mobile commerce. The industry has recently begun seeing major gains in the North American market, where consumers with smart phones are becoming more accustomed to the idea of using their mobile device to purchase goods and services.
Study predicts growth between 2011 and 2015
TechNavio, a market intelligence firm, has released a new report, made available through Research and Markets. The report covers the time between 2011 and 2015. TechNavio analysts suggest that the mobile commerce industry will see a great deal of growth during this timeframe. Analysts predict that this growth will come in around 83% annually. Part of this growth is likely to be due to the rising availability of NFC-enabled mobile devices as well as the release of new mobile payment services.
Security concerns may stunt mobile commerce
Analysts note that security concerns regarding mobile commerce and NFC technology could have an impact on predicted growth. NFC technology enables a mobile device to function as a payment platform by storing its owner’s financial information. Current smart phones are already popular targets for theft, but those enabled with NFC technology could become much more so due to the fact that they contain valuable financial information.
Consumers continues to show interest despite fears over security
Despite concerns over security, many consumers continue to show an avid interest in mobile commerce. Mobile commerce has already established a foothold, especially amongst businesses and financial organizations, many of whom are developing payment systems based around NFC technology. Some of these companies have become the subject of criticism because of the lackluster security features of their mobile payment programs, however, which could be a trend that could cause some trouble within the mobile commerce industry.