According to KPMG, mobile payments are set to reach 591bn by 2015 while Gartner predicts that 190m people will use their mobile to make payments in the next 24 months.
Contactless payments might grab a lot of headlines, but in reality this is just a small part of mobile payments technology.
The really interesting part about mobile payments is that marketers can actually engage with consumers from any location, at any time and access an unprecedented amount of knowledge about those they are targeting.
The aim is for consumers to trust mobile payments as much as any other payment methods they currently use.
Another point is that mobile payments need to be open and accessible to all consumers in order to encourage adoption, not restricted to those with a certain mobile handset or bank account.
On the other hand, too many mobile payment offerings at once only serve to confuse: the consumer now has to log into a mobile app to buy their coffee, use another app like Pingit to transfer money, use NFC to pay for their lunch and then go into their mobile browser to order bigger items like TVs online.
If the above is achieved successfully, the future of m-commerce is set to be an exciting time for both marketers and consumers.Even now, as eBay demonstrated, mobile payments can turn any location into a pop-up store and can let consumers make purchases within minutes.