New Juniper report finds that Smartphone apps and mobile internet are propelling the use of mobile payments
A new study by Juniper Research has forecast that nearly half of all mobile phone users worldwide will pay by mobile for digital and physical goods by 2014, representing growth of nearly a billion users compared to 2010.
The new Mobile Payments for Digital and Physical Goods report found that segments such as ticketing and payments for physical goods are being spurred by the phenomenal take-up of apps coupled with the availability of multi-lingual versions of platforms such as eBay. Mobile payments are now becoming integrated into a wider mobile web shopping experience that includes browsing, coupons and advertising.
Report author Howard Wilcox explained: “Since our last report a recent trend we’re seeing is the launch of mobile storefronts and malls, as well as new Smartphone apps and mobile payments services from companies such as eBay, Amazon and Digby. Based on the take-up figures we’ve seen, users appreciate the convenience.”
However, the Juniper report also warns that the user experience needs to be enjoyable, easy and consistent: lack of user support and help could threaten the spread of mobile payments.
Further key research from the mobile payments report shows:
• In-app billing will play a key role in developing on-going revenue streams for payments operators;
• Growth will not be restricted to the developed regions: in excess of 500 million users in the Indian Sub Continent for example will be making a mobile payment in 2014.
The report uses an innovative new quadrant approach to compare the positioning of mobile payments vendors. The forecasts provide detailed five year regional data for mobile payments for digital & physical goods, showing key parameters including subscriber take-up, transaction sizes and volumes. The report also reveals the strategies that are being used to enable users to pay by mobile through case studies from companies such as 1-800Flowers.com and Skane Traffic.