The total value of the mobile payments market (which includes money transfers, digital and physical goods and Near Field Communications transactions) will reach $670 billion by 2015. The current value of the market is $240 billion, according to a study by Juniper Research.
The report states that the top 3 regions for mobile payments will be East Asian countries, Western Europe and North America and they will between themselves, represent 75 per cent of the total mobile payments by 2015. In the same period the digital goods payments will account for almost 40 per cent of the market.
Juniper Research provides research and analytical services like consultancy, analyst reports and industry commentary to the global communications sector.
"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" said senior analyst, Juniper Research, David Snow.
The growth in the mobile payments would take place due to a number of factors which include the rapid adoption of mobile ticketing, NFC contact-less payments, physical goods purchases and money transfers. Users in both developed and developing countries will start using their mobiles for regular transactions adding further to the growth.
Also around 20 new countries around the globe are expected to launch NFC services in the next year and a half. This will result in transactions worth almost $50 billion by 2014. Just yesterday State Bank of India partnered with Bangalore Metro to launch an NFC (Near Field Communication) enabled debit-cum travel card for commuters on the yet to be launched Namma Metro.
The growing needs for financial services in developing countries will double the active mobile money users and their transactions by 2013 and the different segments of mobile payments will witness a growth of at least 2 to 3 times in the next five years.