Stefan Mileschin

Industry analyst company Gartner said it believed that by 2018 half of the population in Japan, the USA and some Western European countries will use smartphones or wearables to pay for their stuff.

The development of apps, devices and mobile services are changing traditional models, according to principal research analyst Amanda Sabia.

“Product managers must understand who their customers are for these new devices and services, and how the products are being used. Knowing your customer is imperative in order to capture a fair share of spending opportunities in this dynamic marketplace,” she said.

She said there are three types of mobile payments – by smartphones, by branded mobile wallets and mobile vendors from High Street shops like Starbucks.

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