The Mobile Payments Markets: Strategies & Forecasts 2010-2014 from Juniper Research predicts that the value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach almost £418bn by 2014, up from £113bn in 2010.
With the top three regions for mobile payments (Far East & China, W. Europe and N. America) set to represent nearly 70% of the global mobile payment gross transaction value by 2014.
The survey also revealed that growth across all market segments was being driven by the wide adoption of Smartphones and the increased use of apps stores. In addition SMS ticketing schemes such as those offered by OBB Austrian Railways and Skane Traffic in Sweden were also important developments. Shopping by mobile at stores such as Amazon Mobile is also tipped for significant expansion over the next five years.
Report author Howard Wilcox explained: “Our analysis showed that whilst the digital goods segment will account for nearly half of the market in 2010, the emerging segments such as physical goods payments, NFC and money transfers will impact the market rapidly. By 2014 for example we forecast that physical goods mobile payments market will be worth $100bn.”
The report also revealed that in developing markets SMS driven money transfer services are the main driver, and are increasing at a rate of 30% per annum. Which is not surprising given the lack of banking facilities and the uptake of mobiles in rural areas like Africa and India.
The accompanying whitepaper “Whitepaper: mPay, mShop, mTransfer!”can be can be downloaded from http://www.juniperresearch.com/shop/viewwhitepaper.php?id=212&whitepaper=113