More than 2 billion people will use a mobile phone or tablet for some form of e-commerce transaction by the end of 2017, according to a report from Juniper Research.
This would be an increase from the 1.6 billion consumers estimated to make payment by the end of 2014, and would account for more than half of all online transactions in developed markets.
Mobile banking, transfers and purchases are on the increase as more customers migrate from desktop platforms to more convenient smartphones and tablets. The report also found, however, that customers are still concerned over transaction security, with this being the main inhibitor on adopting mobile commerce.
According to the report, Mobile Commerce Markets: Key Sector Strategies, Opportunities and Forecasts 2014-2019, the introduction of Apple Pay and similar technologies could encourage a drive towards more contactless payments being made through near-field communication.
It also highlighted the importance of social networks in order to accelerate the adoption of mobile online payments, and suggested integrating billing capabilities with websites to reach a wider client base.
Report author Dr Windsor Holden, said: “Brands and retailers should certainly seek to integrate their offerings with players such as Facebook and FourSquare. Integration offers reach, allied to the potential to target specific user demographics.”
In addition, Holden noted that, although the number of customers spending within mobile contents is growing relatively slowly, their value is increasing as they move from spending on ringtones and other one-off payments to in-app purchases and other media content.
