First Annapolis Consulting announces new mobile P2P study

First Annapolis Consulting recently announced the release of its new Mobile Person-to-Person study, which offers an insight into the U.S. P2P market through expert analysis.

According to the First Annapolis Mobile & Emerging Payments team, who authored the study, the new research includes an evolution of the P2P system and three themes driving the market - mobile wallet integration, easy-to-use solutions and scalable adoption.

Despite the increased adoption rate of P2P solutions, a successful platform is not easily obtained. As a result, hard work must be put forth to make these products socially acceptable, the company stated.

"Leading service providers are addressing this by offering funding source and destination-agnostic approaches to sending and receiving payments," First Annaplois Consulting said in a press release. "Users must be able to move funds across multiple channels quickly and be confident that they will not impose difficult means of redemption on recipients. The study indicates that most providers support multiple mobile channels, but few support them all."

For consumers using P2P solutions, a successful first transaction took four-to-five minutes and, according to the study, further transfers took only one to two minutes. However, many issues occurred during the trial period, including error screens and failed notifications. To address these issues, companies must establish interfaces that are devoid of such problems.

The key driver for P2P platforms will be the integration of mobile wallets. According to First Annapolis Consulting, the technology is poised to become a significant part of the extensive mobile wallet strategies.

"Wallet integration may allow users to not only make P2P payments, but establish an integrated offering that facilitates point-of-sale transactions, ecommerce payments, loyalty and rewards, and mobile banking from a single application," the firm added.

Mobile ecommerce is expected to not only play a vital role for companies, but also consumers. As more people adopt devices, such as smartphones and tablets, the mcommerce market is projected to thrive.

According to a study by Forrester Research, the U.S. mcommerce market is expected to reach $6 billion and account for only 2 percent of the total amount of money spent for ecommerce. Additionally, by 2016, the market will increase at an annual compound growth rate of 39 percent, and Americans are anticipated to spend $31 billion via mobile devices, which will represent 7 percent of the ecommerce industry.