The 4th of July may be over, but major fireworks are ahead for the mobile payments industry according to a new report from Juniper Research.
Juniper estimates that he total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will hit $670 billion by 2015 – a remarkable jump from $240 billion this year.
These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
Juniper says the growth will be sweeping across the industry and across the forthcoming years. The new Mobile Payments Strategies report revealed that “all segments will exhibit 2x to 3x growth over the next five years.”
The anticipated growth, the research firm says, will largely 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 devices for everyday transactions.
“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,” writes 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.”
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, Juniper says, addin that digital goods payments will account for nearly 40% of the market in 2015.
Juniper’s new ‘Mobile Payment Strategies: Opportunities & Markets 2011-2015’ can be downloaded now at no charge from www.juniperresearch.com.