Monday, 10 October 2011 01:10

Mobile payments soar towards $170 billion


Worldwide mobile payments to merchants for physical goods will treble from a gross $60 billion forecast this year to exceed $170 billion by 2015, with researchers finding that the initial growth in payments was fuelled by a dramatic upsurge in retail apps in the wake of the consumer smartphone explosion.

In a new report by Juniper Research, the company says that the research underlines the importance of mobile as an extra channel to market, and it believes that mobile campaigns must be tightly linked to print, online and store based campaigns to ensure consistency of customer experience.

'Increasingly people will browse on one device such as a PC and then buy from another such as a smartphone,' Juniper senior analyst David Snow says.

According to Snow, while initial growth was fuelled by the smartphone explosion, there was, however, an increasing 'industry awareness of the need to enable an integrated shopping experience within the wider context of a fast expanding eCommerce market, thus enabling seamless access to retail sites across multiple devices.'

However, the Juniper report advises that vendors need to 'innovate unceasingly' as the market develops and becomes more competitive.

The report also reveals that:

'¢ The market will gain further momentum in the medium term following the increasing deployment of POS (point of sale) solutions to facilitate in-store cashless transactions

'¢ Retailers have observed a marked uplift in average transaction value when cash is replaced by a mobile payment method.

According to Snow, the report uses an 'innovative quadrant approach' to compare the positioning of some 17 mobile payments vendors, and provides detailed five year regional data for mobile payments for digital & physical goods, showing key parameters which include subscriber take-up, transaction sizes and volumes. It also revealed strategies used to enable consumers to pay by mobile through case studies from companies such as Brooks Brothers and Danal.

The Juniper Research whitepaper - 'The Goods, the Payment and the Mobile!' - and further details of the new mobile digital and physical goods study can be downloaded from our Juniper's website.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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