According to research performed by Pyramid Research, as published in a recent report, over the next few years, mobile payment transactions will reach and surpass hundreds of billions of dollars.
As mobile technology continues to play an increasingly important role in people’s daily lives, payment vendors are now scrambling to be able to take advantage of the opportunity created by those people’s desire to include the use of their mobile devices in their product purchasing decisions, including searches, price comparisons, store locations, and even the purchases themselves.
According to the practice leader on Mobile Payments and Banking, Jose Magana, this new trend can have a serious company on a merchant’s business model.
A new research service called Mobile Commerce Landscape Insight Pack brings together broad database resources with expert analysis at top levels in order to give retailers the ability to spot and use new opportunities for revenue over telecom channels through mobile banking and payment.
The service also provides analysis on mobile payment best practices and current trends in both developing and emerging markets. It gives users data and forecasts that are up to the minute, as well as in-depth reports and the ability to obtain direct insight into key trends with a Pyramid consultant live session.
According to Magana, there will be approximately 3 billion people in 2015 with access to 3G networks or better. The current percentage of smartphone users has already crossed the double digit mark and is steadily growing by bounds of 50 percent every year across the globe. By 2015 it will be set to reach 1.3 billion.
