Most industries have been impacted by the ever changing winds of technology. In 2012, perhaps no other industry felt this more than the payments and finance spaces. As consumers become more attached to their mobile devices and easy online access, they expect their financial tools and services to work the same. What this does is set the stage for an even greater opportunity for mobile payments in 2013. One that will surely define the payment landscape for the years to come.
The popular market research firm Econsultancy tagged Mobile Commerce as a top trend in 2012. In a previous post we mentioned research Google performed on how the consumer uses their mobile device as a personal shopping assistant. The results were 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)
With statistics like these, it’s clear that mobile is quickly entering the money transaction space (and will soon become a norm). This is perhaps why many researchers have dubbed 2013 as the year that mobile payments will take off. With nearly $200 billion processed in mobile payments worldwide in 2012, and some analysts projecting this value to reach $1 trillion by 2015, it’s fair to say that mobile payments have only just begun.