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The total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions -- representing the gross merchandise value of all purchases or the value of money being transferred -- will reach $670 billion by 2015, tripling from this year’s $240 billion, according to a new study by Hampshire, U.K.-based Juniper Research.
The “Mobile Payment Strategies” report said that 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 mobile devices for everyday transactions.
Approximately 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, according to the study.
"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,” said Juniper senior analyst David Snow. “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.”
Other key messages from the report include:
- The top three regions for mobile payments (Far East & China, W. Europe and N. America) will represent 75 percent of the global mobile payment gross transaction value by 2015.
- Digital goods payments will account for nearly 40 percent of the market in 2015.
The study provides a snapshot of the mobile payments industry, providing forecasts of the main market segments of digital and physical goods purchases, contactless NFC and domestic and international money transfers and remittances, providing regional forecasts of gross transaction values.
A new Mobile Money whitepaper and further details of the study, ‘Mobile Payment Strategies: Opportunities & Markets 2011-2015’ can be downloaded for free at www.juniperresearch.com.