Mobile Payments Market To Exceed $670 Billion By 2015

A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year.

1. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers
2. Some 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014.
3. The need for financial access in developing countries is such that active mobile money users will double by 2013
4. Emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015.
5. 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.
6. Digital goods payments will account for nearly 40% of the market in 2015.

Mobile payment application growth

1. PayPal and Square have made a free device that plugs into the iPhone and allows merchants to swipe credit cards.
2. PayPal expects to process $3 billion this year, while Square in May said it pushes $3 million daily.
3. In May, Google also announced its Google Wallet service, which allows people to purchase items by tapping or swiping their Android smartphones in front of a merchant’s NFC-enabled payment reader.
4. AT&T, Verizon and T-Mobile have created the Isis mobile payment network, which is similar to Google Wallet.

There are also a lot of mobile payment platforms providing various services around the industry.