Over 50 percent of consumers shop on mobile, yet only 20 percent purchase

Results show that it is even more important for the future as 85% of younger consumers, especially those 25 to 34 years old, are more engaged with their phones while shopping, and 85% of them use their mobile devices to browse the Internet.

However, complaints arise, as mobile shoppers point out slow load times, poor navigation, screens that are not optimized for mobile viewing and comparing items, limited options for making payments and requiring shoppers to fill in too many fields to complete a purchase, Braintree notes. While cart abandonment is an often-cited problem in ecommerce, it is especially pervasive among mobile shoppers.

The possible solutions for addressing cart abandonment — lower pricing, trimming extra fees like shipping costs, simplifying the checkout process — all focus on stemming abandonment before it happens.

New payment types, like mobile payment apps, may be one way for merchants to expand their reach while proactively managing fraud, Braintree found.

There are some challenges that will need to be addressed to ensure a rosy future for mobile payment. A big jump in cybercrime and consumer fraud has resulted from the growth of digital commerce. The cost of fraud goes beyond the actual losses: consumer confidence also is taking a hit. This is an important area to get right: 42% of millennials in the US said they limit mobile transactions because they are worried about security, according to Braintree.