$508 Billion Moving Through Mobile16 Apr, 2014 By: Doug McPherson
SUNNYVALE, Calif. - The value of global payments via mobile devices hit $508 billion this year – a 40-percent jump over last year says Juniper Research.
Analysts say purchases of physical goods from mobile devices are the drivers and that the average transaction size from purchases made on tablets exceeds those made on PCs in many markets. Juniper attributes this to increased consumer confidence and willingness to engage with mobile as a content browsing and payment mechanism.
Smartphone spending is also up sharply, though the primary function in retail is research with the final purchase made via tablet. The report says consumers are four times as likely to make a purchase on a tablet over a smartphone.
Juniper predicts mobile payments will only continue to grow with more commercial launches and the emergence of cloud-based and near field communication (NFC) products. Apple doesn’t use NFC in its devices, and Juniper speculates that the company will introduce a digital wallet for secure contactless payments with the launch of the next iPhone.
Juniper adds that most point-of-sale terminals shipping now have contactless technology so more retail locations will be mobile payment possible.
The Juniper report is dubbed “The Mobile Payment Strategies: Remote, Contactless & Money Transfer 2014-2018.”