Mobile payments to hit $170 billion by 2015

Mobile brands and mobile consumers are rapidly approaching a new crossroads - that of the mobile payment intersection. To date most mobile consumers have researched but not necessarily made purchases from mobile devices; that, according to a new Juniper Research forecast, is about the change.

by Kristina Knight

The Juniper Research forecast, which predicts global mobile payments for physical goods will surpass $170 billion by 2015. To put that number in context, this year mobile payments for physical goods are expected to reach $60 billion (globally). The rapid adoption of touch-based smartphones may drive some of these early adopters. Juniper also predicts shipments of touch-based smartphones will surpass 700 million by 2016.

Report author Daniel Ashdown explain said, "Touchscreen displays not only provide a superior user experience for many activities, but free-up space on the device for a larger display: that extra 2 to 3 inches can make a world of difference in the range of activities that can be performed more comfortably on the Smartphone."

Tablet shipments, meanwhile, are expected to reach at least 250 million by 2016, another factor in the fast-changing mobile landscape.

Data from Millennial Media's new SMART report finds CPG brands are increasing their mobile presence. CPG brands using Millennial Media's platform were found using mobile to build brand awareness or sustain their current in-market presence. This tactic makes sense when coupled with new data from Prosper Mobile Insights, which indicates three-quarters (76%) of smartphone and tablet consumers have browsed the mobile web for product/location information or service information. Research from the e-tailing group is similar, finding 33% of US consumers have performed some type of shopping activity - product research, product review or product purchase - from their mobile device.

Tags: Juniper Research, Millennial Media, mobile ad spend, mobile ads, mobile content, mobile marketing