1.5 Billion Smartphone Users to Increase Mobile Payments by 2015

Analysts believe that in the future years the mobile technology will significantly change the shopping experience. Users will be able not only to pay for products using their smartphones, but also they will be able to research, compare prices, and find the closest vendor for a specific product.

The latest technology is already bringing to the users some of the shopping tools that anticipate the future.Merchants will have to rise to the occasion, and to adapt to the new technologies. Analysts warn that a failure to face the challenge of mobile payments could led to potential losses in the following years for the US merchants.

According to research reports conducted by Pyramid Research, by 2015, about 3 billion people will have access to 3G or 3G+ networks and the number of smartphone users will reach 1.5 billion by 2015. The emerging mobile platforms will improve purchasing and will determine a change in the current business model. The merchants, as well as the payment vendors will have to be aware of the entire mobile transactional ecosystem and to gain significant knowledge of these areas of innovation.

Pyramid Research recently developed a study that “offers analysis on current trends and best practices in mobile payments in emerging and developed markets”. The Mobile Commerce Landscape Insight Pack available on the company website promises to provide analysis of different initiatives that are coming from several players from the mobile payment market with additional unique insights on current market trends. A forecast related to this market and customized support are also available.

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