Mobile Payments To Reach $670 Billion by 2015

According to a new study by Juniper Research, the next few years will see a rapid adoption of mobile ticketing, NFC (Near Field Communications) payments, physical goods purchases and money transfers as people use their mobile devices for everyday transactions.

This will happen in both developed and developing countries, and the study predicts that the total value of mobile payments for digital and physical goods, money transfers and NFC contact-less transactions will reach $670 billion by 2015, nearly triple the current value of $240 billion. (These forecasts represent the gross merchandise value of all purchases, or the value of money being transferred.)

The top 3 regions for mobile payments – East Asia and China, Western Europe and North America – will represent 75% of the global mobile payment gross transaction value by 2015.

Other highlights from the report:

  • 20 countries are expected to launch NFC services in the next 18 months
  • global NFC transactions will approach $50 billion worldwide by 2014
  • active mobile money users in developing countries will double by 2013
  • digital goods payments will account for nearly 40% of the market in 2015
  • new technology means that 2011 and 2012 are expected to be ‘banner years for NFC service rollouts’

Are these numbers realistic?  What effect will increased use of mobile payments have on developing nations, where there is a need for financial access?