Mobile Payments Trends Study Shows Increase in Usage
There has been a 215 percent increase in the number of mobile payment inquiries and transactions in 2013 compared to 2012, according to E-Complish, which tracked the data over the previous two years. With more than 30,000 transactions last year, E-Complish processed more than $4.5 million in mobile payments, compared to 10,000 transactions worth $1.5 million in 2012. E-Complish predicts that as consumers depend more on their smartphones for a wider range of daily tasks, such as business and banking activities, they will be more willing to use their devices to pay for purchases of products and services. An increasing number of companies also have started integrating mobile payment processing into their business models. The E-Complish results indicated that consumers are using smartphone-friendly systems for a wide variety of different purposes, including shopping apps, personal finance apps, and paying for services through text messages. E-Complish founder Stephen Price says mobile payments are compatible with a “diverse range of business models. They’re easily adaptable, and this data proves their versatility.”
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Mobile Commerce Press (01/08/14) Schuman, Denny