Mobile money transfer and contactless NFC (Near Field Communications) will
together account for 50% of the overall mobile payment market globally by 2013,
(based on the gross transaction values), according to Juniper Research's new
Mobile Payments Study.
The Juniper report found that the mobile payments
market, which is today is dominated by purchases of digital goods such as
ringtones, music, and games, will in future be driven by subscribers
transferring money and using NFC features on their handsets to make purchases.
This will drive the overall mobile payments market to grow by a factor of ten
between now and 2013.
Report author Howard Wilcox explained: "We
see significant opportunities for new services making it easier for the
'underbanked' population and migrant workers to make remittances, using their
mobile phones as mobile wallets: the services already in operation are seeing
rapid growth." Wilcox added that mobile wallets will incorporate NFC which will
enable people to use their mobile phones to pay for small value items such as
refreshments and magazines.
The top 3 regions for this sector will be
the Far East & China, Western Europe and North America). Together these will
account for over 70% of mobile money payments on a gross transaction basis by
2013. However, there will be hurdles to be addressed for the market to reach its
tipping point, including NFC handset availability, workable business models and
financial legislation.
The Juniper Research study provides an analysis
of the "big picture", exploring how the overall mobile payments market will
develop. The report provides forecasts for digital and physical goods purchases,
contactless NFC and national and international money transfers and remittances,
providing regional forecasts of gross transaction values. The report also offers
profiles of 13 vendors and 17 service providers pioneering in this exciting
market.
Whitepapers and further details of the study, "Mobile Payments
Markets: Strategies & Forecasts 2008-2013" can be freely downloaded from
www.juniperresearch.com.