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September 3, 2011

Mobile Payment Users to Reach 2.5Billion by 2015

The global mobile payment market, consisting of digital and physical goods purchases, near field communications (NFC) and mobile money transfers, will be worth $670 billion in 2015, according to a July 2011 white paper from Juniper Research. Data from “Mobile Money Goes Mainstream” indicates this figure will be more than double current levels.

From a regional perspective, Juniper predicts North America will represent the largest share of the global mobile payment market in 2015, closely followed by the Far East/China. Western Europe will follow, with other developing regions representing much smaller portions of the total market. Each region will roughly maintain its mathematical portion of the market as it grows.

The number of remote mobile payment users buying digital and physical goods will reach 2.5 billion by 2015, according to another July 2011 white paper from Juniper Research. Data from “The Good, the Payments and the Mobile” indicates this will represent 40% growth from 1.8 billion users this year.

In another mobile research  conducted by GfKNOP, a global market research agency, covered nine countries (US, UK, France, Italy, Germany, Spain, South Korea, Brazil and China) and included 8,603 online interviews, with each country’s sample designed to represent their online population. Globally, 62 per cent of consumers find mobile payments appealing. This is higher among certain key groups, including: younger consumers aged 16-24 (75 per cent); innovators / early adopters (74 per cent); and current smartphone owners (72 per cent).

There is, however, considerable variation between nations. Developing markets in China (82 per cent) and Brazil (73 per cent) find mobile payment services the most appealing, whereas the more established payment systems in developed markets, like the US and Europe, mean appeal in these nations is more limited (around 50 per cent), since the existing chip-and-PIN systems offer a convenient and already trusted route.