Report: Mobile Payments to Top $1 Trillion by 2015
April 10, 2012
The value of mobile commerce transactions will increase 97 percent per year to more than $1 trillion by 2015, according to a report by global consultancy KPMG. The report says the growth will be fueled by NFC-enabled smartphones and tablets. Smartphone shipments accounted for 29 percent of all mobile phone sales in 2011—nearly double the amount of the year before, according to KPMG. The report finds the number of retailers on board with mobile payments seems to be growing with 21 percent naming m-payments as a “main activity” or a “key enabler.” More importantly, though, will be consumers, how they view security and which companies provide them with the best product.
“There is certainly scope for collaboration between smart-phone manufacturers, telecom companies and retailers but the big, unanswered question revolves around who the customer will trust with their data and their m-cash,” says Gerry Penfold, partner at KPMG Risk Consulting. “Battle lines will be drawn around issues such as security, infrastructure and interoperability of devices. For consumers, speed and security of payment will be the mark of success, but for technology and telecoms companies, speed to market will be critical and how quickly they can respond will depend on the impact of regulation. Clearly, though the winners will be the companies that can provide the richest consumer experience with the greatest convenience.”