05 September 2008

The Future Is Bright For Mobile Payments

Mobile payments are set to grow nearly ten fold to 2013, with three potential markets open for opportunity – contactless NFC, mobile money transfer and physical goods purchases via mobile devices, according to a report.

Purchases via mobile devices of digital and physical goods, contactless NFC (Near Field Communications) transactions and money transfers will together generate transactions worth over $600bn globally by 2013, according to Juniper Research’s Mobile Payments Study. This figure represents the gross value of all the items being purchased or the value of money being transferred.

Juniper Research’s 2008 forecasts show an increased growth rate of the global mobile subscriber base than previously, with in excess of 1 billion new users by 2013. The top 3 regions for mobile payments - Far East & China, W. Europe and N. America - will represent over 70% of the global mobile money transfer gross transaction value by 2013.