Monday 19 November 2012
Worldwide purchase volume over mobile devices will exceed $1 trillion (£630 billion) by 2017, a new report has claimed.
Research conducted by IDC Financial Insights reveals that most of this spend will be in the form of mobile commerce.
This includes digital media consumed on mobile devices as well as ecommerce through a mobile web browser.
The firm also forecasts "rapid growth" driven by handset and point-of-sale terminal upgrades.
"Proximity payments will ride upgrades in point-of-sale and mobile device technology to become the second-largest category of mobile payments spending," IDC Financial Insights claimed.
"Person-to-person or point-to-point fund transfers will be a distant third, mainly due to a lack of common standards for sending money across borders using mobile devices."
This segment will also be held back by a lack of locations for adding cash to and withdrawing cash from the system.
Aaron McPherson, practice director for worldwide payment strategies at IDC Financial Insights, and the lead author of the report, said 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," he stated.
Posted by Alex Boardman