Mobile payment is an alternative form of payment where a consumer uses a mobile phone to pay instead of cash, cheque or a credit card. Consumers normally use this method to pay for music, videos, ringtones, online game subscription of items, wallpapers, books, magazines, tickets, transportation fare etc. Currently as people still prefer the conventional methods for money transactions, mobile payment is not too popular even in developed countries like US.
However, a recent report by Acquity Group shows that US companies are going to be aggressive about mCommerce in the coming years. According to this report, mobile payment would reach the $670 billion mark by 2015.
This inforgraphic by the Acquity Group will give you an idea about the current and upcoming trends in mCommerce.|
Source : Dazeinfo