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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.
- This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers
- Some 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014.
- The need for financial access in developing countries is such that active mobile money users will double by 2013
- Emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015.
- 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.
Mobile payment application growth
- PayPal and Square have made a free device that plugs into the iPhone and allows merchants to swipe credit cards.
- PayPal expects to process $3 billion this year, while Square in May said it pushes $3 million daily.
- 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.
- 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.