A new report by Juniper Research suggests that the mobile payment market is going to undergo a dramatic transformation in 2015 because of new technologies and changes in consumer behavior. What sort of mobile payment trends are expected for next year?
Data suggests that proximity payments will grow 71 percent annually by 2019, with a lot of growth coming in 2015. As both consumers and retailers grow more comfortable with apps like Apple Pay, this payment technology will become mainstream.
Public transportation systems around the country have begun introducing mobile ticketing a payment services to much success. Nine months after releasing their mobile ticketing system, mTicket, Massachusetts Bay Transportation Authority says it now accounts for 15 percent of tickets ales. Similarly, New York Waterways’ mobile ticket accounts for a quarter of ticket sales.
2015 is estimated to be a growth-year for in-app purchases. Other mobile payment options, like some mobile ticketing providers, have developed their own app for consumers to use to purchase goods and services. Social gaming is another area where in-app purchases are a growing trend.
Direct carrier billing has been a popular way to pay for digital content for years, but 2015 might be the year when it takes off as a payment option at brick-and-mortar stores. Retailers who’ve already adopted direct carrier billing have reported higher conversion rates, higher aver transaction values, and higher transaction volumes.
As with any mobile payment option, it is vital that merchants fully verify the identification of customers. EVS’s IdentiFraud is an easy solution to identity verification for online merchants.
[Contributed by EVS Marketing]