A new report forecasts that the gross merchandise transaction value of mobile payments for physical goods will exceed $170 billion worldwide by 2015. This is nearly treble the $60 billion forecast for 2011.
Juniper Research found that initial growth had been fuelled by a dramatic upsurge in retail apps in the wake of the consumer smartphone explosion. However, there was 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.
"Our research for this report underlined the importance of mobile as an extra channel to market, but Juniper 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," explains Senior analyst David Snow.
However, the Juniper report also advises that vendors need to innovate unceasingly as the market develops and becomes more competitive.
The report shows 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, finds the report.
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