Mobile payments will hit £591 billion by 2015, a three-year rise of 97 per cent.
This is the prediction of KPMG, which sees smartphones and tablets as huge drivers behind the expected rise.
However, these shoppers are notoriously difficult to please and expect a top-quality service every step of the way. As KPMG risk consulting partner Gerry Penfold explained: "Battle lines will be drawn around issues such as security, infrastructure and interoperability of devices. For consumers, speed and security of payment will be the mark of success, but for technology and telecoms companies, speed to market will be critical and how quickly they can respond will depend on the impact of regulation.
"Clearly though, the winners will be the companies that can provide the richest consumer experience with the greatest convenience."
Businesses that decide to launch an mcommerce site need to ensure this consumer experience includes the technological quality of the platform itself. A recent Compuware study found tablet users quickly become impatient with slow-to-load pages.
Almost 70 per cent of these consumers expect sites to load in two seconds or less, while the most common problems cited by tablet owners include format (40 per cent), websites crashing (44 per cent), difficult site functions (42 per cent) and slow load times (66 per cent).
Mcommerce has been the subject of several recent NewsReach articles, including Carphone Warehouse's efforts to extend the Simply Tap app to its mobile shopping site, as well as Domino's Pizza UK and Ireland taking £1 million worth of sales over its mobile platforms in one week.
What other issues do you think would cause a smartphone or tablet owner to quickly lose interest in an mcommerce site?
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