The number of people using mobile devices to purchase goods and services is expected to more than double by the end of 2012 globally, research firm Gartner Inc. reported.
The impact is to be felt most in developing world where access to banking is limited.
“Mobile payments, when used in developed countries such as the U.S., are usually an extension of an existing payment infrastructure, but in developing countries, users can combine mobile payments with mobile banking to pay bills more conveniently and to gain access to loans and other financial services that might not have been possible before, said Sandy Shen, a Gartner analyst. “It can greatly improve standards of living,” she said.”