The spread of smartphones and the willingness of online retailers to focus on mobile commerce will combine to drive up mobile payments during the next several years, said a new report from Juniper Research.
According to the firm, the number of end-users across the globe making mobile payments will increase 40 percent during the next four years to reach 2.5 billion by 2015. This year, a forecasted 1.8 billion people will make a purchase on the mobile device.
Despite this growth, more can be done the accelerate the trend even further, according to the report.
“Whilst the mobile payments sector offers substantial growth opportunities, it needs to be seen by innovative players as a platform from which to develop new value added applications and services such as personalized mobile coupons, loyalty scheme and novel augmented reality offerings," Juniper senior analyst David Snow said.
These results suggest that retailers worldwide may want to utilize transaction management solutions to meet the demand for purchases made through mobile devices. Otherwise, experts say, companies will run the risk of falling behind the competition.