There are around 6.5 billion mobile phones currently in use around the globe. That comes from a recent United Nations study and it shows why the possibilities of mobile commerce and those that are pushing the technology are so high.
With that many mobile devices in the hands of consumers, it is easy to see why the payment industry is on the verge of evolution and why many startups are trying to take advantage with new applications, peripherals and payment solutions.
An International Telecommunications Union study found that 3.8 times as many people in the world are exposed to mcommerce as to computers and online shopping from them. Diving deeper into the numbers shows some interesting statistics.
Of all consumers, the younger generation is the most prolific for mobile devices as almost all of them have some form of mobile phone, 72 percent of which are smartphones. On average, more than 75 percent of Americans younger than 43 have used a smartphone at some point. Furthermore, 53 percent of consumers use the device to access the internet everyday.
The ITU study also pointed out a number of different trends that are growing in the market. These include higher traffic levels from mobile devices, improved location based services, mobile wallets, applications and smartphone and tablet based coupons and QR codes.
"The report indicated that the m-commerce market is actually larger than that for desktops and laptops," reads a QR Code Press article about the study. "Though sales are far greater over desktops, there are far more consumers who access the internet over mobile, representing a massive opportunity for growth into the near future."