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Mobile payments to exceed $730 billion worldwide by 2017

August 17, 2012

Coinciding with the growth in the number of individuals with smartphones and other mobile devices, an increasing number of users are making mobile payments.

Coinciding with the growth in the number of individuals with smartphones and other mobile devices, an increasing number of users are making mobile payments.

This number is only expected to grow, according to a new report from Juniper Research. The report predicts the value of remote transactions carried out via mobile devices will exceed $730 billion annually by 2017.

The report, Mobile Payments for Digital & Physical Goods, attributes much of the growth to the increasing use of mobile applications by customers of many companies such as Domino’s and Argos – both of which report between 6 and 7 percent of consumers paying via the mobile channel.

“We have already moved towards a multitasking, multimedia environment which offers brands the opportunity for far greater engagement with consumers than was previously the case,” said Windsor Holden, the author of the report. “Mobile is increasingly being deployed at all touch points in the retail process – product discovery, product purchase, customer retention.”

The U.S. is an exceptionally fertile market for mobile payment adoption by retailers, as a new committee aims to make the industry safer and smarter for all players.

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