Mobile transaction users to reach 2 billion by 2017
Juniper Research predicts surge in number of users using mobile devices for commerce
Juniper Research predicts that over two billion mobile device users will be making mobile commerce transactions by the end of 2017, compared to 1.6 billion this year.
The analyst company predicts that the number of mobile transactions including banking, money transfer and purchases of goods and services will surge as consumers either adopt new devices or switch away from desktop usage.
According to a new report from Juniper, Mobile Commerce Markets: Key Sector Strategies, Opportunities & Forecasts 2014-2019, in a number of developed markets, mobile devices would account for over half of online transactions within five years. The report also predicts that contactless payments will increase in uptake, driven by services such as Apple Pay.
Juniper also said that mobile will offer consumers in emerging markets first-time financial inclusivity through the provision of mobile wallets, enabling services beyond payments such as savings and micro-insurance.
Meanwhile, the report highlighted the potential of social networks in accelerating mobile commerce adoption. According to report author Dr Windsor Holden: "Brands and retailers should certainly seek to integrate their offerings with players such as Facebook and FourSquare. Integration offers reach, allied to the potential to target specific user demographics."