It is expected that just over two billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017.
This is according to Juniper Research, which claims the number is from 1.6 billion this year.
The firm’s report claims mobile consumption of services such as banking, money transfer and purchases of goods and services was surging as consumers were either migrating from desktop usage or becoming first-time e-commerce users through their mobile devices.
It adds that in a number of developed markets, smartphones and tablets would account for over half of online transactions within five years.
Mobile Commerce Markets: Key Sector Strategies, Opportunities and Forecasts 2014-19 also claims that while contactless payment have yet to gain traction outside of Japan and South Korea, Apple Pay is expected to provide NFC with real momentum.
The report urges mobile to offer consumers in emerging markets first-time financial inclusivity through the provision of mobile wallets, enabling services beyond payments such as savings and micro-insurance.
Juniper also explored the part social media has to play in accelerating mobile commerce adoption.
“Brands and retailers should certainly seek to integrate their offerings with players such as Facebook and FourSquare,” claimed the author’s report Dr Windsor Holden.
“Integration offers reach, allied to the potential to target specific user demographics,” he added, also using the report to recommend the integration of operator billing capabilities with websites to monetise digital content among a wider user base.
The report also claims that consumer concerns around transaction security remain the primary inhibitor on service adoption.