Consumers are glued to their phones and tablets for more than funny pictures of cats, social media updates and Angry Birds.
A recent report from Juniper Research predicted that more than 20 billion households will make payments from their tablets, PCs and mobile phones this year. This is equal to 16 percent of global consumer households. The transition is a result of the growing adoption of Mobile Banking as well as wider acceptance of transactional digital banking.
The growth anticipated for this year is predicted to continue for the next five years. Consumers will begin to access their accounts through various channels, while placing greater emphasis on mobile solutions, and Generation Y users will be at the forefront of this growth.
The study also found that despite the growing popularity of mobile solutions, the highest transaction values tend to come from PC and tablet users. This is likely due to a preference for larger screens and the belief that the security of these two platforms is better.
Wearable devices to be a part of the expansion
Recently, many mobile device manufacturers have started focusing on wearable products such as smart watches and glasses. While these technologies are new, they are generating a lot of consumer interest, especially for the fitness applications that can be installed on the devices.
The researchers said mobile payments via wearable technology may soon be possible as vendors optimize the applications for the platform.
"Customers, particularly those of Gen Y, are attracted to banks that offer innovative and exciting new services," said Nitin Bhas, report author for Juniper Research.
While it may be some time before mobile payments can be made on wearables, you can take advantage of our Mobile or Internet banking offerings that allow you to make payments on the go from your smartphone and tablet.
For more tips and updates on the latest in banking technology, contact Landmark Bank.
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