The chorus of smartphone mobile payments to be the top predicted tech trend for the coming year is growing. Last year saw a 1000 percent increase in the use of smartphones for in-store payments.
Michael Zimmerman, CEO of hedge fund Prentice Capital Management is latest to sing the m-payments song.
Zimmerman anticipates that this year could be the “critical mass” for this kind of mCommerce, which offers customers the benefit of convenience and retailers the benefit of speed in processing payments.
Retailers have flooded into the market in the wake of Apple’s pioneering efforts with its Apple Pay mobile payments platform. With parabolic mCommerce sales trends, optimizing for mobile shoppers by adopting payment tech, and developing an app or mobile commerce web site is a must today for retailers of all sizes.
Prentice Capital has long held the view that retailers need strong branding and well-planned online & mobile shopping platforms, and thinks this will put even more pressure on retailers to build strong mCommerce sites and apps.
For more data on m-payments access CardData®. For information and commentary on m-payments visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on m-payments are available exclusively through CardWeb.com.®