Information from Coupofly shows that the mobile payments market is growing extremely quickly
The mobile commerce market may soon grow twice as fast as the e-commerce space. According to information from Coupofly, the mobile commerce market is growing aggressively, with consumers becoming more comfortable with the idea of using their smartphones and tablets to purchase products. Coupofly notes mobile payments now accounts for 34% of all digital transactions throughout the world. This market is expected to grow by 31% in 2017, more than 200% faster than the growth of the e-commerce market.
Japan, the UK, and South Korea are the world’s fastest growing mobile commerce markets
According to Coupofly, mobile commerce is growing fastest in Japan, with the United Kingdom coming in second and South Korean coming in third. Japan has a long history with mobile technology, with mobile payment solutions having been available in the country for several years. Apart from countries with an established mobile commerce market, India is considered to have the fastest growing emerging market. The country is home to financial institutions and retailers that are becoming very mobile-centric in order to connect with consumers. In the coming years, India may establish itself as the leading mobile market, surpassing Japan.
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China has more mobile shoppers than any other country
While Japan and India may be homes to the fastest growing markets, China has more mobile shoppers than any other country. Approximately 68% of Chinese consumers with mobile devices use these devices to shop online and in physical stores. These consumers are using mobile applications to shop rather than browsers, as they believe apps are more convenient and provide a better shopping experience.
Apple Pay is the preferred payment application in North America
Among consumers using mobile devices to shop, most noted that they do so because of the convenient nature of mobile commerce. They also believe that it is easier to pay with devices rather than using payment cards or cash. Notably, the most popular mobile payments services come in the form of Google Wallet, Apple Pay, Square Cash, and PayPal. Apple Pay is among the most preferred mobile payments service in the North America, with PayPal following behind.