Mobile payments market becoming robust
February 14, 2013

The mobile payments market continues to expand at a rapid rate, with more merchants, public sector organizations and service providers adopting the technology necessary to accept credit cards through a variety of platforms than ever before. Economists believe that mobile and other electronic payments will continue to fuel revenue and gross domestic product growth in the coming years.

RnR Market Research recently released its latest study, "Mobile Money: Mobile Payments, Mobile Remittance, Mobile Banking and Mobile Commerce Market - Advanced Technologies, Value Chain, Worldwide Market Forecasts and Analysis 2013-2018," which revealed steady growth in mobile transactions. The report found that mobile communications services and devices are proliferating at a rapid pace, driving higher transaction volumes among merchants and a variety of other industries.

As mobile devices have already become common platforms for information transfers, transactions were quick to follow in the past several years, and many believe this trend will continue to intensify as the market landscape becomes increasingly cashless.

According to the firm, the mobile payment ecosystem has become more robust in recent years, with new capabilities gaining higher adoption rates in a consistent fashion. Now, the report sought to find how mobile payment processing capabilities can directly impact merchant revenues, as well as those of other organizations. 

Earlier this month, TechHive reported that a panel of experts forecast the mobile payments market to hit $1 trillion in annual transaction volumes globally in the next two years. Other studies indicate that the United States has been among the biggest beneficiaries of electronic payment processing, especially mobile platforms.

Merchants should consider procuring integrated payment systems now to be able to accept credit card transactions electronically. Early adopters will likely gain a step on the competition, as consumers increasingly prefer the capability to pay for purchases with mobile devices. 

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