Analyst Jupiter Research has forecast that the rise in smartphones will fuel an increase in mobile payment transactions that will see their value more than double to US$200 billion by 2012.
Jupiter Research said the availability of secure, easy-to-use payment applications and the growing realization of users that they can make e-commerce purchases by mobile will drive the value of payments for physical and digital goods from under $100 million this year to $200 million in two years.
Other findings from the “Mobile Payments for Digital & Physical Goods: Players, Markets & Opportunities, 2010-2014” report indicate that the frequency of physical goods purchased will be higher than average in developed regions such as North America and Western Europe; and brands, retailers and merchants have an opportunity to increase their revenues through targeted marketing campaigns, using apps and mobile web payments as a convenience play for users.
Report author Howard Wilcox said: “Our research showed that the purchase experience has been enhanced by improved mobile commerce transaction processes due to faster mobile networks, more powerful devices and much more user-friendly smartphone apps.
“Amazon Payments for example has recently introduced payment processing tools for mobile devices, enabling smartphone users to buy with one click.”