Many companies and businesses around the world are now paying more attention to mobile payments technology, as the advances in the field have made it a more viable and convenient option for some as compared to cash and plastic. This suggests that the future belongs to mobile payment technology and it is expected that soon it will become a common practice for conducting transactions of all kinds.
A recent study from Canadian market research firm IDC has also depicted similar notions stating that purchases made by both businesses and consumers from mobile devices globally will top $1 trillion by 2017.
Moreover, IDC also predicted that most of these payments will originate from mobile commerce, which is comprised of purchases made from the mobile websites of companies. There are also NFC payments options as well that will make significant contribution to the trillion dollar figure. NFC technology is finding its way into more new phone models and is expected to eventually become normal practice given its value and anticipated uses. As a result of that more retailers will also have to upgrade their point of sales technology to accommodate such payments.
The Practice Director of worldwide payment strategies for IDC, Aaron McPherson said in a statement that, “The growing prevalence of smartphones is enabling a variety of mobile payment methods, which combined are becoming a significant share of global commerce. We expect growth rates to continue to accelerate as consumers and retailers become more comfortable with the technology.”
Although, figure of $1 trillion looks quite huge, but still it will make only 2.5 percent of the entire worldwide payments that are processed through mobile phones up until 2017, as pointed out by IDC.
IDC mentioned that to achieve this huge figure it is necessary that demand and technology should be there. Plus coordination between telecom companies, retailers and financial institutions over the standards of mobile payments should also remain smooth in the future, otherwise it will slow down the growth rate of mobile payments considerably as all parties involved rely on each other for each transaction.
Source: Mashable
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