The total value of mobile payments for digital and physical goods as well as for money transfers and Near Field Communication-enabled transactions will grow to $670 billion by 2015, up from $240 billion in 2011, according to a new Juniper Research 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,” David Snow, a senior analyst for Juniper, said in a July 5 release. “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.”
About 20 countries will launch NFC services within the next 18 months, resulting in nearly $50 billion in transactions worldwide by 2014, the report says. The top three regions for mobile payments will be Asia, North America and Western Europe, which will represent 75% of the global mobile payment gross transaction value by 2015.
Digital goods payments will account for nearly 40% of the market in 2015, according to the report.
Consumers will drive growth in all regions by using their phones for an increasing number of everyday transactions, Juniper said.
