Research predicts massive mobile payment growth
December 31, 2012
New advances in consumer-facing technology seem to have hit the market with incredible regularity in recent years, shifting the needs of the average retailer and merchant. Small and medium-sized businesses that cannot accept credit card payments through a variety of platforms, for example, might be at a competitive disadvantage in the coming years.

Market research firm yStats recently released the results of its Global Mobile Payment Methods 2012 report, which revealed that growth in the United States market will be exponential in the coming years. The firm used the data to support a prediction that the mobile payments market will expand by a three-digit percentage in the coming years.

"Mobile payments is the next step in the evolution of consumer payments, with this report showing a rapidly growing trend worldwide," a spokesperson for the firm explained. Certain nations have seen slower adoption rates thus far, including the United Kingdom and the United States, especially when compared with China and other eastern nations.

However, this illustrates the fact that early adopters of the technology can expect a jump on the competition. Reports continue to indicate that consumers are looking for mobile payments capabilities when shopping, and meeting this demand will drive loyalty and profits.
Nexus: G-WEBCD2