Shopping on your mobile? Transactions to exceed $3.2 trillion by 2017
The latest research from Juniper shows commerce transactions on mobile will reach an incomprehensible $3.2 trillion by 2017, fuelled primarily by mobile banking.
However, by comparing to all financial transactions in the US it suddenly seems insignificant. In the U.S alone the total for 2012 exceeded $4,400 trillion.
As an increasing number of NFC-enabled devices reach consumers’ hands, along with easy online payment solutions such as PayPal, it’s quite easy to see how this number will rise drastically.
Many major mobile operating systems feature mobile payment support in the form of digital “wallets”, most notably Google Wallet and Windows Phone Wallet. The obvious and perhaps most important omission here is Apple.
Apple’s iOS shipped Passbook along with iOS 6; currently its only usage is for displaying QR, Aztec, and PDF417 codes at relevant locations or times. For example, at an airport the app could display a booking pass for a more seamless check-in experience.
Rumours pitch Apple as including NFC technology - along with a fingerprint scanner - in the next iteration of the iPhone. Undoubtedly Passbook will be updated to support this hardware addition and may gain more support from banks and retailers due to this rumoured extra layer of security.
According to comScore in April; Google controls 52% of the U.S smartphone market, whilst Apple follows at 39.2%. Combined that is 91.2%.
Once Apple jumps in the mobile payments space alongside Google; expect mCommerce to rocket!
Can you see mobile transactions becoming ever more popular?
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