The value of mobile commerce transactions is expected to top $3.2 trillion by 2017, compared to $1.5 trillion in 2013, the latest report from Juniper Research reveals.
With a growing number of consumers using their mobile devices to make payments, the report suggests that the mobile banking sector will account for a majority of the transactions in the next five years. The report, titled Mobile Commerce Markets: Sector-by-Sector Trend Analysis & Forecasts 2013-2017, also found that some of the major industries like retail, airline and financial institutions are beginning to realise the importance of the mobile channel as a crucial delivery and payment tool as well as a way to enhance engagement.
The increasing popularity of smartphones and tablets for any kind of payment suggests that the financial sector will dominate the mobile payments market by 2017. According to Juniper Research, the introduction of mobile wallets has secured financial access for poorer people in some emerging markets, where the proportion of adults without a bank account can exceed 50%. But despite the expected double increase between this year and 2017, the proportion of market transactions conducted by mobile will remain relatively small.
Yet, the lack of mobile website optimisation remains a major concern, said Windsor Holden, author of the report. Retailers that fail to ensure a user-friendly website and a valuable shopping experience risk losing their competitiveness to those who have already optimised their websites for mobile devices and thus enhanced the customer relationship.
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