A recent white paper published by eMarketer has detailed valuable insight into the ever growing ...
A recent white paper published by eMarketer has detailed valuable insight into the ever growing mobile proximity payment market.
According to their research, consumers across the globe are quickly adopting the regular use of proximity mobile payments, and they have predicted that in 2018, for the first time, more than one-third (34.9%) of smartphone users ages 14 and older will use a mobile phone to pay for a purchase at a physical point of sale (POS) at least once every six months.
In addition, eMarketer expects that 13.2% of the global population will be mobile proximity payment users this year. By 2021, that proportion is expected to grow to 17.2%.
Proximity mobile payments are defined as Point-of-sale (POS) transactions made by using a mobile device as a payment method. Includes scanning, tapping, swiping or checking in with a mobile device at the POS to complete the transaction; excludes purchases of digital goods on mobile devices, purchases made remotely on mobile devices that are delivered later on, and transactions made via tablets.
Interestingly, the UK and European markets are lagging behind in adoption rates compared to China and other developing countries, primarily thanks to the widespread adoption of contactless payments, but this looks likely to change as mobile payment becomes more widely accepted at point of sale.
Indeed according to eMarketer’s latest forecast, just over 22% of UK smartphone users the equivalent of 9.2 million people, will use a mobile phone to pay at the POS this year, and the sector will grow by almost 17% – making this an interesting time for mobile payment providers.
Our team here at ReedPS are working alongside leading banking organisations who are at the cutting edge of some of these changes, helping to drive the UKs mobile proximity market forward. The focus is on a partnership designed to not only keep up with these changes, but to support innovation and market place adoption moving forward. And if adoption rates are in line with e-marketing’s predictions, it’s certainly going to be an interesting year in this sector.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
