It is estimated that mobile commerce and mobile payment transactions will top hundreds of billions in coming years. With mobile technology playing a vital role in people's lives, payment vendors must act quickly to capitalize the fact that users are relying on their mobile devices to enhance their shopping experience including price comparison, product research, merchant location and even product purchase. These changes create a potential inflection point in their respective business models and will bring important opportunities and challenges, according toJose Magana, Practice Leader onMobile Payments and Banking.

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"By 2015, roughly 3 billion people will have access to 3G or 3G+ networks; the current share of smartphone users is in the double digits, while consistently growing above 50 percent yearly across markets to reach 1.3 billion users by 2015," Magana says. "Emerging mobile technology platforms and business models are being launched to improve activities such as shopping, making informed transactional decisions or paying for goods and services. Payment vendors must develop a cohesive understanding of the entire mobile transactional ecosystem, look at key value-chain areas where they can and should participate, and obtain critical knowledge of specific areas of innovation."