Consumers are becoming more inclined to make purchases through mobile payment systems. Although mobile payments have been expected to grow significantly over the next few years, recent data suggests that growth trajectory may be much higher than previously anticipated.
A recent study from KPMG found that mobile payments are expected to reach $1 trillion in the next three years. KPMG said that this growth is due to an increase in the number of smartphones and tablet computers available to consumers. Consumers enjoy the flexibility and ease with which they can make a payment through a mobile application.
KPMG’s data also found that more than one in five of retailers were making mobile payment processing a key feature of their services. They acknowledge that consumers may be scaling back on the time they spend on their computers. The trend towards mobile payments will likely lead more retailers to optimize their websites for mobile users.
The report concluded that consumers’ need for convenience would drive the demand for mobile purchases. Considering the pace at which smartphone and tablet technology is evolving, KPMG is confident that consumers will increase their spending through mobile devices over the next few years.
KPMG partner Gerry Penfold said the trend towards mobile payment purchases will likely lead to new partnerships between smartphone developers and providers of ecommerce solutions.