Mobile payment usage may be accelerating
March 15, 2013

While researchers and analysts aren't in agreement with specific mainstream adoption timetables, one thing has become clear: Mobile transactions are taking off among consumers.

New research from the Heavy Reading Mobile Networks Insider suggests that mobile payments may hit the $1 trillion mark by 2015. Heavy Reading's report also indicates that merchants, not consumers, will be the ones pushing the use of mobile transactions.

"Mobile payments have gone from being a cool-to-talk-about concept to a disruptive technology in a relatively short time frame," Denise Culver, research analyst with Heavy Reading Mobile Networks Insider and author of the report, told Mobile Payments Today. "MNOs and payment vendors should be looking at different ways to drive demand for mobile payments, which have the potential to create significant revenue throughout the entire mobile ecosystem."

Part of the reason mobile payments are expected to grow so quickly is the sheer variety of solutions that merchants can offer to consumers. Whether they take advantage of a mobile point-of-sale system that makes it possible to accept credit card payments and debit card payments, a near field communication-based solution, mobile wallets, quick response codes or similar technological advances, companies will be able to utilize mobile payments in a way that makes sense for them.

Last November, research from IDC also projected mobile transactions would soon hit the $1 trillion mark. However, IDC didn't expect it to happen until 2017. Heavy Reading's projection of 2015 could suggest that the use of mobile payments is accelerating. Whatever the case, mobile payments have been established as a legitimate way to pay for goods in the eyes of many consumers. Businesses should consider solutions such as Sage Mobile Payments to ensure customers can pay in the way that is most convenient to them.

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