Mobile payments to hit $1 trillion by 2017?

We are all use to playing games on our phone, angry birds itself is the biggest selling game for mobile devices, but over the past year we have seen an acceleration of what’s being dubbed m-commerce. M-commerce is when someone actually buys a product or services through a phone or tablet.
IDC Financial Insights has issued a new report on the future of mobile payments & the future is bright. According to the report Mobile Payment volume over mobile devices will exceed $1 trillion by the year 2017

But according to Aaron McPherson, practice director for Worldwide Payment Strategies at IDC, that's just a drop in the overall transaction bucket.

"Even at a trillion dollars that's a big sexy number in the grand scheme it's not that much," McPherson said in a call with Mobile Payments Today. "It's clear that (mobile payments has) a long ways to go," he said.

McPherson said the total mobile payments market will represent only a small fraction, just 2.5 percent, of the total transaction volume that mobile payments could, at least theoretically, address. He said that number, which includes cash, check, ACH and cards, is closer to $50 trillion.

Even with that caveat, however, McPherson said mobile payments growth will continue to accelerate.

McPherson also noted that a couple of results from his research surprised him a little. "One of the things that jumped out at me was just how big (m-commerce) is," he said. He explained that most of the money being attributed to "mobile payments" is actually money being spent through m-commerce, meaning consumers shopping from a mobile device instead of online or in a store. "It's a much higher percentage of the total than I was expecting," he said.


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If your business is not mobile now, it will be someday soon – or you will lose out to those businesses that are.

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It's incredible how fast mobile browsing has gone from something very clunky, to something we all do. Here are just 3 stats that show how fast our behaviour is changing due to this evolving technology:

a, 40% of mobile phone owners now say their phone is “the most important device for accessing the internet” – something that looked very unlikely just a couple of years ago.
b, Alongside that, 42% of us regularly use social networks via our phones, 51% watch video clips, and 51% use our phones to read email.
c, One in five of us use our phones to research products while watching TV.

Whereas desktop and laptop browsing is an activity in itself, many of us use tablets and mobile devices alongside other activities. We are more likely to purchase via mobile at weekends and tablet owners tend to shop while watching TV at home.

Mobile commerce is predicted to grow 39% each year from now until 2016.

 

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