Mobile payment market revenues to rise to $999 billion in 2016

By Telecom Lead Team:
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, according to IE Market Research Corporation.

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

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.

M-commerce and mobile
contactless transactions are poised to promote ‘less-cash’ societies all over
the world. Our usage surveys show that North American and Western European
markets in particular are geared up for the beginning stages of a full-fledged
adoption of the digital wallet,” said Nizar Assanie, vice president (Research)
at IEMR.

The report is based on
IEMR’s Global Consumer Telecommunications Survey which covers 50,000 mobile
users in 50 markets globally.

Direct carrier billing will be a
catalyst for innovation within mobile payments industry

Recently, mopay
predicted that direct carrier billing will be a catalyst for innovation and
change within the mobile payments industry in 2012.

It added that more and
more organizations across vertical industries will introduce direct carrier billing
solutions in 2012, primarily driven by increased globalization and consumer
concern for online security given the explosive growth of identity theft and
the rash of recent data breaches.

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