Mobile payments market to hit $670bn by 2015, says report

5 July 2011

The total value of the mobile payments market is expected to reach $670 billion by 2015, a new report has predicted.

According to Juniper Research, the figure will be three times higher than the $240 billion worth of transactions expected to be posted in the payments area in 2011.

Near Field Communication (NFC) contactless payments, the rise in mobile ticketing and an increase in the numbers of consumers using their mobile devices to make payments and transfers were all cited in the report as key drivers behind the growth.

David Snow, senior analyst at Juniper Research, said: "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.

“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.”

NFC services are expected to become available in 20 countries over the next 18 months, which the paper suggests will generate $50 billion worth of transactions worldwide.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development