Mobile Payments are Ready for World Domination
It’s no secret that the world is going mobile. From tablets to smartphones, more and more people are carrying the internet with them everywhere they go. With this comes the responsibility of businesses to meet the needs of this new mobile consumer, and prepare themselves for the shift in how their customers shop and pay for their products and/or services. Here’s a look at some of the astronomical mobile payment numbers of recent years, and those projected in time to come.
Consumers Using Mobile Payments
As mentioned previously, the number of consumers that are using their mobile device as a payment tool is growing rapidly. By the end of 2012, there are projected to be roughly 212 million mobile payment users, up from 160 million in 2011. Gartner predicts that there will be close to half a billion users using mobile payments by 2016.
The volume of transactions via mobile are also growing fast, with the value to surpass $171 billion in 2012, and grow as high as $617 billion by 2016. Some optimistic analysts have this number surpassing $1 trillion by 2015.
Consumer Behavior when Using Mobile Payments
In April of 2011, Google put together a vast survey of how consumers were using their mobile devices as shopping sidekicks. The results show a vast acceptance of this new technology, and ensures the growth down the road. What Google also found was the vast amount of users that didn’t necessarily use the phone for the actual purchase, did in fact use their phone for help during the decision process. The results to the study are as follows:
- 79% use their smartphone to help with shopping, 70% while in the physical store
- 54% of shoppers use their phone to find retailers
- 44% of shoppers read product reviews via a mobile device before making a purchase
- 74% of consumers stated that they made purchases due to experiences they had with the product through their phone (i.e. reviews, comments, social media)