Money Transfers to Account for 50% of Mobile Payments by 2013

Money Transfers to Account for 50% of Mobile Payments by 2013

Posted by John B. Frank Monday, November 3, 2008

Money transfers to account for 50 percent of mobile payments by 2013

Mobile money transfer and contactless NFC (Near Field communications) will together account for 50 percent of the overall mobile payment market globally by 2013, according to research.

The mobile payments market, now dominated by purchases of digital goods such as ringtones, music, and games, is expected to be driven by mobile money transfers and NFC for purchases in the future. According to research, this will drive the overall mobile payments market to grow by a factor of ten between now and 2013.

Researchers also expect mobile wallets to incorporate NFC to enable people to use their mobile phones to pay for small value items. The top 3 regions for this sector will be the Far East & China, Western Europe and North America, which together are estimated to account for over 70 percent of mobile money payments on a gross transaction basis by 2013. Nonetheless, NFC handset availability, workable business models and financial legislation are identified as the main obstacles to be addressed for the market to reach its tipping point.

The report is titled ‘Mobile Payments Markets: Strategies & Forecasts 2008-2013’ and was produced by research firm Juniper Research.

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