Smartphones Now the Majority – Mobile Payments Poised for Growth
Posted January 31, 2013 by David Cutter
According to the most recent CTIA Mid-Year 2012 Survey, there are now more wireless/mobile connections (almost 322 million) than there are people in the United States, and as of November 2012, smartphones accounted for 53% of the US market – up from 39% only a year earlier. Rapid growth is expected to continue as smartphones currently account for approximately 70% of all new handset sales in the US.
Smartphone growth is largely being driven by an extraordinary expansion of high speed data connections world-wide that are allowing users to more easily conduct business directly from their phones.
So what does this mean for utilities?
It means there is a great opportunity for utilities to open up a convenient new payment channel to their customers. It also means, at some point in the near future, having a mobile-optimized presence for account access and making quick payments will become an expectation instead of a “nice to have.”
A common goal for nearly all utilities is to drive higher customer adoption rates of their automated and more cost-effective processes, such as customer self-service, sending electronic bills, and accepting electronic payments.
With mobile payments expected to have a breakout year, and already moving from tech-savvy early adopters into the mainstream, utilities should be considering mobile as a viable payment channel going forward.
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