Mobile: From Novelty to Game Changer
Global mobile commerce could surpass $1 trillion in 2017.
June 17, 2013
Mobile payments have gone from a novelty to a game-changing customer interface in just a few years.
Worldwide mobile payment transaction values were expected to surpass $171.5 billion in 2012—a 62% increase from 2011. And the number of mobile payment users reached 212.2 million in 2012—50 million more than in 2011, according to Gartner.
IDC Financial Insights predicts global mobile commerce to surpass $1 trillion in 2017.
The stars are in perfect alignment for mobile payments to continue this growth. Smartphone sales are outpacing sales of feature phones and personal computers—a trend that emerged near the end of 2010 and will only continue to grow.
Global smartphone sales during the fourth quarter of 2012 reached an estimated 224.5 million units—a 39.5% annual increase, according to IDC. Smartphone shipments in 2012 were expected to increase 41.5% over 2011 to 717.5 million units.
Through 2016, smartphone growth is expected to continue at an 18.3% compound annual growth rate.
The popularity of iPads and similar devices provides further support for the mobile payments trend, particularly among younger consumers—credit unions’ future members.