M-Commerce can be defined as a subset of E-Commerce where the focus is on conducting commercial transactions online using mobile devices like smartphones and tablets. It has developed from vending machines that accept payments via SMS to digital wallets, stock brokerage, and social media platforms that allow for retail.
The primary use of M-Commerce was in the buying and selling of goods and services. However, it has diversified to include mobile banking, ticketing and booking services, and bill payments. Vouchers, coupons, and point systems are also possible using M-Commerce along with more specialized functions like auctioneering and stock market trading.
The major advantages of this form of commerce are convenience and portability. With a smartphone or a tablet, one can access their bank accounts, the stock market, and the general market. Along with convenience and portability, the range is also an advantage as such transactions are not limited by locality. Stockbrokers are not limited to the locations of stock exchanges and shoppers are not limited to local goods thanks to M-Commerce.
At present, it is worth in the hundreds of billions with Asia being half the market and it will continue growing for the foreseeable future.