Report says mobile payments are on the rise

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Report says mobile payments are on the rise

A new report from Juniper Research says that retailers and merchants have embraced mobile transactions as a key medium for sales this year, compared to transactions on desktops and laptops. The mobile-research company noted that there was a projected 88 per cent surge in transactions for online, mobile and contactless payments to $4.7 trillion by 2019. The report credited this to customers adapting from desktops to mobile purchases and payments. The report says that card purchases in particular are used the most.

“I expect mobile to pay a more prominent role in payment over time, as it provides some convenience advantages and can boost the shopping experience,” says Nitesh Patel, director of wireless media strategies for Strategy Analytics. “However, any large transformation is unlikely to happen rapidly and shops will need to continue to support cash and payment cards in the near future.”

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