By that time, m-commerce will account for 15% of the world's online commerce, according to a summary of the study.
According to Frost & Sullivan, several different market sectors will make up m-commerce, including:
- automated point-of-sale payments (vending machines, parking meters and ticket machines)
- attended point-of-sale payments (shop counters, taxis)
- mobile-accessed Internet payments (merchant WAP sites)
- mobile-assisted Internet payments (fixed Internet sites using phone instead of credit card)
- peer-to-peer payments between individuals.
Of these, mobile-assisted Internet payments will account for 39% of m-commerce spending, and peer-to-peer payments between individuals will account for 34%, the company said.
The benefits of m-commerce to consumers include convenience for booking and paying for tickets, and managing stock trading or financial transactions. Benefits for merchants and banks include reducing fraud and cash-handling costs, and an estimated 20% increase in sales caused by customers being able to make payments more easily and conveniently.
Consumers, merchants and banks all benefit from the increased security of mobile phone-based transactions compared with online credit card payments, which remain a concern to many potential e-commerce consumers, according to the study.
M-commerce, offers significant market opportunities for network operators, banks, credit card associations, manufacturers and many startups looking to claim a stake in the payment market, Frost & Sullivan said.