Monday, April 27, 2015

Mobile Payments “To Increase By 1000 Percent” In 2015

(Tech Week)  2015 could be the year in which mobile payments really explode into the mainstream, according to a new report.
Research by Deloitte, published in its annual Technology, Media & Telecommunications (TMT) Predictions report, predicts that in-store mobile payments will increase by more than 1,000 percent worldwide this year.
This year, about 10 percent of the base of smartphones worldwide will be used to make an in-store payment at least once a month, compared to less than half a percent (led by early adopters in Japan) of about 450 million smartphones in mid-2014.
2015 will be the first year in which the multiple prerequisites for mainstream adoption – satisfying financial institutions, merchants, consumers and device vendors – have been sufficiently addressed, the report says.
The huge rise in the number of NFC-enabled smartphones will also be a crucial factor, particularly in mobile payment technology being spread across developing markets, Deloitte says.
As more and more consumers become familiar with the process and more merchants in more markets begin accepting such methods of payments, both the volume of NFC smartphone transactions and the range of spend value will increase steadily over time, the report adds.

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