Mobile Payment Transactions to Double in Value to $200bn by 2012
Published on: 16th Jun 2010
Note -- this news article is more than a year old.
A new study by Juniper Research forecasts that the value of digital and physical goods that people buy with their mobiles will reach $200bn globally by 2012, compared to just less than $100bn this year. Digital goods include entertainment and tickets, whilst physical goods include groceries, gifts and books.
The new study on Mobile Payments for Digital and Physical Goods found that the availability of secure, easy-to-use, payment applications and the growing realisation of users that they can make ecommerce purchases by mobile will drive the market.
Report author Howard Wilcox gave more details: "Our research showed that the purchase experience has been enhanced by improved mobile commerce transaction processes due to faster mobile networks, more powerful devices and much more user friendly Smartphone apps. Amazon Payments for example has recently introduced payment-processing tools for mobile devices, enabling Smartphone users to buy with one click."
However, the Juniper report also underlined that retailers and merchants need to communicate the cost of transactions clearly so that people are not discouraged from buying by mobile.
The report also predicts that the frequency of physical goods purchased will be higher than average in developed regions such as North America and Western Europe.