A new study has found out that the total value of mobile payments for money transfers, digital and physical goods and NFC transactions will reach a figure of $670 billion, increasing from the $240 billion registered this year. The gross merchandise value of all purchases and the value of the money being transferred are represented by these forecasts. It was revealed by the new Mobile Payment Strategies report that growth of two to three times will be exhibited by all segments over the next five years.
Among the factors driving this growth are the rapid adaptation of mobile ticketing, contactless payments through NFC and money transfers and physical goods purchases as people all over the world in developed and developing countries are increasingly turning to their mobile devices for making everyday transactions.
It is expected that around 20 countries will launch NFC services in the next 18 months, which will result in transactions reaching $50 billion over the world by 2014. At the same time the need for financial access in developing countries will lead to the active mobile money users doubling by 2013 and driving the transaction values accordingly.
Senior analyst David Snow has explained that their analysis shows that the emerging segments in the market, like NFC, money transfers and physical goods payments will boost the market growth by 2.7 times the current size by 2015. He added that even though digital goods was the largest segment and has been forecast to grow by twice its value, it isn’t growing as fast as some of the newer segments are.
The study also shows that the largest three regions in terms of mobile payments, which are the Far East and China, Western Europe and North America, will go on to represent around 75% of the world’s mobile payment gross transaction value by the year 2015. The digital goods and payment segments are expected to make up around 40% of the market in 2015.
With this, the study gives the estimates of the bigger picture of mobile payments along with providing forecasts for the main market segments of the purchases of digital and physical goods, international and domestic money transfers and remittances and contactless NFC payments. It also provides the regional forecasts of the gross transaction values of these forms of mobile payments that will be expected to further incentivize such technologies.
