Global mobile payment transactions to touch $945 billion in 2015

The gross value of global mobile payment transactions
will reach $945 billion in 2015, about a 30-fold increase from the comparable
figure of $31.5 billion for 2010. The surge underscores IEMR’s expectation that
mobile payments are positioned to become mainstream between 2012 and 2014,
according to IEMR.

M-commerce and mobile contactless transactions, driven
by their allure of convenience, are poised to promote -less-cash’ societies all
over the world,” said Nizar Assanie, vice president (Research) at IEMR.

Our usage surveys reflect a trend of mobile payments
growing commonplace in the Western world, corroborated by the fact North
American and Western European markets are geared up for the beginning stages of
a full-fledged adoption of the digital wallet,” Assanie added.

The report is based on IEMR’s Global Consumer
Telecommunications Survey of 50,000 mobile users in 50 markets worldwide. It is
the most extensive country-specific forecast of its kind.

IEMR’s latest report illustrates a declining trend in SMS
transactions relative to the growing adoption of NFC technology in developed
markets, particularly Western Europe and North America. NFC offers the
potential sweet spot” of access to millions of retail point-of-sale terminals,
a transaction technology that SMS falls short of.

The report also found that mobile payments are promising
in emerging markets because of the dearth of wired infrastructure, which makes
purchase transactions with a mobile device convenient.

According to IEMR, there were 1.5 billion NFC
transactions globally in 2010. It forecast the comparable figure to jump to
55.3 billion in 2015, a compound annual growth rate of 105.2 percent.

By Team
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