The Rise of Mobile Payments
The rise of mobiles as a payment device will likely provide a big boost for the mobile advertising market, as the possibilities for direct conversion of impression to consumer action will be enormously improved. Although the mobile payment industry has, so far, been hampered by a lack of coherent standard, with competing solutions such as NFC and more traditional card reader solutions, this may be about to change.
By 2017, the total value of global offline transactions facilitated by mobile devices will reach about $1.5 trillion, up from $120 billion in 2012. In the U.S., transaction value will rise to $244 billion in 2017, from $15 billion last year. – Business Intelligence
According to a recent Business Intelligence report, innovation from companies such as PayPal and Square (with Apple getting into the game as well), will make payments in participating merchants increasingly easier for the consumer, for example, via a system only requiring access to your mobile phone number and a PIN to complete a purchase.
Other factors affecting the popularity of mobile payments is a more relaxed attitude to possible security risks associated with it, likely also strengthened by a younger “mobile” generation becoming stronger economically as they enter the workforce.
The growth in U.S. mobile payments usage will outpace global growth rates as security fears fade away, particularly among younger demographics. – Business Intelligence
Other highlights of the report supporting the rise of mobile payments are:
- Increasing smartphone penetration in major global economies.
- The increased convenience, for merchants and consumers, of mobile payments services, which are nearing “convenience parity” with credit cards and cash.
- The efforts of high-level competitors like PayPal, Square, and Apple in this space may lead to the killer mobile payments app that finally super-charges consumer adoption.
The trend of mobile payments is gaining momentum, and emphasizes the need for advertisers to be able to reach consumers at the right place in the right moment to influence their purchasing behavior, says Carl Åhslund, co-founder of ThumbAd. With our advanced targeting technology we give the advertisers the opportunity to do just this, and as mobile payments become more commonplace this will mean an even stronger correlation between call to action and actual purchase he continues.
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