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Mobile transactions or payments, also known as m-Commerce, are electronic transactions. Unlike in e-commerce, transactions are made on mobile phones, not computers. And with familiarity and convenience, we all carry our mobile phones all the time. It has made it easy to make transactions via mobile phones and is rapidly increasing and spreading around the world.
Mobile Shopping is an eCommerce marketplace that is tailored specifically for use via mobile phones or shopping. or even the website is adapted to be mobile-friendly. Not even social media platforms that have added shopping features, such as Facebook’s Market Place or Tiktok’s shop.
Mobile Banking has been transformed into an application for ease of use and access to banking services without having to go to a bank.
Mobile payments, or e-Wallets, are wallets that are in the form of applications, including contactless payments, money transfers, or an application that can pay for goods or services.
In other words, mobile transactions are a part of e-commerce that allows us to buy and sell products almost anywhere and anytime.
from global e-commerce markets, up to 65% of eCommerce market sales are via phone transactions. Asia is the No. 1 across seven continents, at 79.7%.
Region | % Of total retail e-commerce sales |
Asia-Pacific | 79.7% |
The Middle East and Africa | 65.0% |
Southeast Asia | 63.5% |
Latin America | 48.8% |
Western Europe | 45.5% |
Central and Eastern Europe | 38.9% |
North America | 38.2% |
Why Asia is the No. 1 Mobile Transaction VisualCapitalist It revealed that part of the reason may be that it is a continent with a low average population and tech-savvy. People aged 19-24 make up about 19% of the population.
along with Asia’s high wealth and digital competitiveness. Especially in China, it’s a very well explained answer to why m-commerce has become popular so fast.
Although m-Commerce, or mobile transactions, appears to be similar in each region. But in the next 3 years, global growth is expected to increase to $2.7 trillion, or 34% annually.
Of course, due to the growing popularity of m-Commerce or mobile transactions. There are several positive impacts, along with many challenges that arise.
The main positive effect is the convenience of mobile shopping, which allows consumers access to on-demand mobile shopping anytime and anywhere.
It also helps create a seamless shopping experience. For example, e-Wallet payment, where we don’t need to waste time filling out debit or credit card information because, with just one click, you can easily pay for products or services.
However, the rapid growth also means that businesses need to consider the need to optimize both people and devices to support mobile transactions. At the same time, innovations in the m-Commerce landscape are constantly evolving. This means that companies It is necessary to keep up in order not to fall behind the rapidly changing trends.
Source : visualcapitalist
