Mobile phone contactless payments on the rise

People are increasingly using their mobile phones in order to make payments, new research has shown.
Carried out by IDC Financial Insights, the study revealed transactions of this type have more than doubled in the last year.
Entitled Business Strategy: Results from the 2012 Consumer Payments Survey, the report showed 33 per cent of respondents use their devices in this way.
It was demonstrated that 56 per cent of those who make mobile payments use PayPal Mobile, 40 per cent opt for Amazon Payments and the same proportion choose Apple’s iTunes.
Aaron McPherson, practice director at IDC Financial Insights – a provider of research and consulting services for businesses and IT leaders – noted: “We expect to see continued growth in open-loop prepaid cards and mobile payments next year.”
Mr McPherson observed advancements regarding electronic bill delivery are likely to mean further improvements could be on the cards for presentment and payment as well.
According to the poll, people continue to buy physical goods with their mobile phones to a greater extent than they do digital downloads, such as music and apps.