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Reports: More consumers will 'buy mobile' through 2016
As people become more comfortable with smartphones they will experiment more with those devices. It's simple logic. They have the phone, why not experiment with mobile payments in addition to mobile social networking? Well, many are and a new report forecasts the mobile payment category will skyrocket over the next four years.
According to new data from NPD In-Stat proximity mobile payment transactions should surpass $9.5 billion by 2016. This year those transactions are expected to reach just over $1 billion. Proximity payments are explained by NPD In-Stat as those made at a retailer store through barcode scanning or NFC options.
The Asia-Pacific region is expected to lead the category, representing just over 40% of global transactions. Meanwhile about half of those surveyed said they were 'familiar with' mobile payments, an increased from 33% who were aware in 2011.
"The contactless or proximity mobile payments market is in its infancy and thus a variety of technologies are being explored and promoted," said Amy Cravens, Senior Analyst. "2011, however, was a significant year in clarifying the future direction of market development. Based on the vast support for NFC and the endorsements made by significant players in 2011, it is apparent that this will be the dominant contactless payment solution going forward. However, there continues to be a great deal of support behind barcode-based payments as well (mFoundry and Starbucks, PayPal, and Home Depot), indicating that these types of solutions will continue to be supported in the coming years."
Meanwhile data from comScore finds more US consumers are using smartphones in-store to get product information, compare prices and get other information. Their data finds 1 in 5 smartphone users scanned barcodes in 2011 while 1 in 8 used devices to compare prices in-store.
As for which devices are making it into more consumers' hands, the comScore MobiLens finds that of the 234 million Americans (age 13+) who are 'mobile', just over 100 million have now adopted a smartphone. Google devices represent a 48% share of the marketplace while Apple represents almost 30%.
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