A new study by ShopVisible reveals that alternative payments are paving the way of mobile commerce.
The study tracked 23,000 Web and mobile transactions. The results revealed that in thousands of mobile transactions, 67 percent of customers used PayPal or an alternative payment method, while only 33 percent chose to pay by credit card. Conversely, the results were reversed in web-only transactions – with 62 percent of shoppers choosing to pay by credit card, 12.9 percent paying with Amazon Payments, 8.1 percent with Google Checkout and only 16.8 percent paying via PayPal.
According to the results of this study, alternative payments are a very important factor within mobile commerce, which is projected to reach $31 billion by 2016 according to Forrester Research.
“These results decipher some of the code to unlocking the potential of mobile commerce,” says Sean Cook, CEO of ShopVisible. “Mobile is a different animal, as this research shows. Lacking a simple alternative payment method could crush any retailer implementing a mobile commerce strategy. Even if alternative payment methods don’t constitute a large percentage of your existing web business, you should reconsider the relative importance when it comes to your mobile strategy.”