Report: Mobile Payments to Reach $670 Billion by 2015
July 11, 2011
Yet another study has been released predicting rapid explosive growth for mobile payments. A new study from Juniper Research said the total value of mobile payments for digital and physical goods, money transfers and NFC transactions will reach $670 billion worldwide by 2015, up from $240 billion this year. The U.K.-based consultancy said in its Mobile Payments Strategies report that all segments will exhibit 2 to 3 times growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. “Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015,” said David Snow, senior analyst for Juniper Research. “Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments.” The report said the Far East and China, Western Europe and North America will account for 75 percent of the global mobile payment gross transaction value and that digital goods payments will account for nearly 40 percent of the market in 2015.