Mobile payment transactions to become more frequent

By Mozo ·

Many Aussies are already using credit cards that have been integrated into their mobile phones and such transactions are expected to become even more frequent in the next few years.

A growing number of retailers are accommodating smartphone payments, although most will only allow low-value goods to be bought in this way.

It is a far more convenient and efficient way of purchasing items from a store and the concept of mobile payments is clearly set to take off.

According to research organisation Gartner, the value of mobile transactions will surpass the US$171.5 billion ($174.15 billion) mark in 2012.

This would represent a 61.9 per cent rise on 2011 and the number of people using their handsets to buy goods will reach 212.2 million this year.

Analysts at Gartner also predicted transaction and volume growth to increase by 42 per cent each year between 2011 and 2016.

"This will bring opportunities for service and solution providers who will need to cater to the local demand patterns to customise their offerings," commented research director Sandy Shen.

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