The total value of mobile payments for digital and physical goods, money transfers and near field communications (NFC) transactions will reach US$670 billion by 2015, up from US$240 billion this year, says a new study from Juniper Research. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit two to three times the 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 US$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.
"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. 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," Senior analyst David Snow says.
The top three regions for mobile payments (Far East and China, western Europe and North America) will represent 75% of the global mobile payment gross transaction value by 2015.
The report also highlights that digital goods payments will account for nearly 40% of the market in 2015.
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