Over 2 billion mobile phone and tablet users will make some form of mobile commerce transaction by the end of 2017, according to a new report from Juniper Research. That’s up from an anticipated 1.6 billion people this year.
And in some developed markets, mobile devices are expected to account for over half of online transactions within five years.
Juniper Research says mobile-based consumption of services including banking, money transfer and shopping is surging as consumers either migrate from online desktop usage or become first-time e-commerce users.
It also notes that Apple Pay is expected to provide NFC-based contactless payments with momentum.
In addition, the report highlighted the potential of social networks in accelerating the adoption of mobile commerce.
Dr Windsor Holden, research director at Juniper Research and the author of the report, said “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.”