As we are well aware of the increasing popularity of mobile payments, the question now is how well and far it will grow. In a study done by a UK research firm, Juniper Research, mobile payments are forecasted to reach $1.3 trillion globally in 2017. However, physical good sales coming from mobile phones will only account for 4%, which indeed is small, and there is definitely room for growth.
The problem for the growth of mobile payments lies in the lack of knowledge among consumers regarding the usage of their phones to make payments in retail stores. Consumers need to be educated on the contactless payment technology, NFC, and how it is deployed during their physical purchases in stores.
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This article is retrieved from The Business Journals.