Online shopping has continued to grow steadily over the last decade, but the emerging mobile commerce marketplace is just beginning to take off at supersonic speeds.
With mobile payment options, such as Google Wallet, Apple Pay, and PayPal exploding in popularity, a growing number of consumers are comfortably and confidently turning to mobile payment processing for day-to-day purchases. In a recent report (“Global M-Commerce Market 2015-2019”) the growth of mobile commerce over the next few years was exhaustively explored.
Currently, the mobile commerce marketplace is largest within the United States, yet the report estimates that the market will continue at a rapid pace to grow both in North America and around the globe. They estimate that mobile will account for over 32% of all payments within the next 4 years.
Just last month, a report from Juniper Research indicated that mobile phone and tablet users will make 195 billion mobile commerce transactions annually by 2019.
Underscoring the remarkable growth anticipated over the next five years, this anticipated expansion represents a significant spike over the 72 billion mCommerce transactions expected this year.
According to the report, highest growth rates are expected in the NFC sector.