Telecom Lead India: Asia Pacific is set to dominate
contactless (proximity) mobile payments, representing 41 percent of the
transactions in 2016.
Remote mobile payments will account for nearly $226
billion in mobile payments in 2012.
Proximity mobile payment transactions will approach 9.9
billion in 2016, up from 1.1 billion in 2012, nearly a ten-fold increase,
according to NPD In-Stat.
Mobile payment market revenues to rise to $999 billion in 2016
Recently, IE Market Research
Corporation said that mobile payment revenue will rise from $47.2 billion
in 2011 to $998.5 billion in 2016. Compound Annual Growth Rate (CAGR) from 2012
to 2016 will be 83.7 percent.
Among different categories of mobile payment, digital
purchases will be the largest category with its revenues increasing from $9.8
billion in 2011 to $250.9 billion in 2016. More and more telecom operators,
banks and retailers are teaming up to offer mobile payment solutions around the
world, and the global mobile payment market is growing rapidly.
According to NPD In-Stat, there is no single mobile
payment model that’s been adopted by the entire market, but rather a variety of
models depending on the type of mobile payment and the player involved.
According to NPD In-Stat, the mobile payments market is diverse. There is no single
model that’s been adopted by the entire market, but rather a variety of models
depending on the type of mobile payment and the player involved.
In the proximity payment space – those payments made at a
retailer via NFC or barcode scanning – trials are transitioning to commercial
launches, and support for these solutions continues to build.
The contactless or proximity mobile payments market is
in its infancy and thus a variety of technologies are being explored and
promoted. 2011, however, was a significant year in clarifying the future
direction of market development,” said Amy Cravens, senior analyst at NPD
In-Stat.
Based on the vast support for NFC and the endorsements
made by significant players in 2011, according to NPD In-Stat, it is apparent
that this will be the dominant contactless payment solution going forward.
However, there continues to be a great deal of support
behind barcode-based payments as well (mFoundry and Starbucks, PayPal, and Home
Depot), indicating that these types of solutions will continue to be supported
in the coming years.
