Mobile Payments $1 Trillion Globally by 2017

Businesses and consumers will make more than $1 trillion in purchases (globally) by 2017, according to IDC a market research firm.   IDC predicts that the vast majority of these payments will come from mobile commerce, which includes things like making purchases through a company’s mobile website, apps, and more. NFC payments will account for a significant chunk as this technology comes to more smartphones and retailers upgrade to point-of-sale terminals (POS).   Aaron McPherson, IDC’s practice director of worldwide payment strategies said in a statement, “The growing prevalence of smartphones is enabling a variety of mobile payment methods, which combined are becoming a significant share of global commerce,”  “We expect growth rates to continue to accelerate as consumers and retailers become more comfortable with the technology.”   While $1 Trillion might sound like a lot, in this regard IDC points out that it’s only 2.5% of the TOTAL Global Payments that could potentially be processed through mobile devices by 2017.   Best,  ...