The total value of mobile payments for digital and physical goods, money transfers and NFC (near field communications) transactions will reach $670 billion by 2015, up from $240 billion this year, according to a study.
The study by Juniper Research also said these forecasts represent the gross merchandise value of all purchases or the value of money being transferred. Juniper’s new Mobile Payment Strategies report revealed that all segments will exhibit “2x to 3x” 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.
Some 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014. Meanwhile the need for financial access in developing countries is such that active mobile money users will double by 2013 and drive transaction values accordingly.
The study further said the Top 3 regions for mobile payments (Far East & China, W. Europe and N. America) will represent 75% of the global mobile payment gross transaction value by 2015. Digital goods payments will account for nearly 40% of the market in 2015.