Gartner Says Worldwide Mobile Payment Transaction Value to Surpass $235 Billion in 2013
Money transfer value continues to increase because users are transacting much more frequently (although at lower values) due to the wider availability of services and to transaction costs that are lower than those of traditional bank services. This makes money transfer a leading use case, one that Gartner forecasts to account for almost 69 percent of the total value in 2017.
Bill payment value is expected to grow 44 percent in 2013 and have consistent growth through the forecast period. This is due to higher value per transaction figures as more consumers in developed markets perform bill payments via mobile banking services along with consumers in emerging markets who are transacting at higher values originally forecast. Bill payments will account for about 5 percent of the total value forecast for 2017.
From a regional perspective, Asia/Pacific's transaction value is expected to grow 38 percent in 2013 to reach $74 billion. Deployments in developed markets such as South Korea and Singapore and in developing markets such as India are expected drive healthy growth in this region. As a result, in 2016, Asia/Pacific will overtake Africa to become the largest region by transaction value, reaching $165 billion. Africa's transaction value is forecast to reach $160 billion in 2016. While Africa will still experience strong growth through the forecast period, companies are still searching for the most suitable business model for mobile money in their local markets.
North America's transaction value is forecast to grow 53 percent in 2013, reaching $37 billion, up from $24 billion in 2012. The region has been impacted by low adoption of NFC payment services and many merchants launching mobile apps in a copycat fashion without a clear winning strategy.
Western Europe's transaction value is expected to reach $29 billion in 2013, up from $19 billion in 2012. The market will experience steady growth through the forecast period, but the forecast growth has been impacted by a reduction in the average number of transactions per user in 2012 as several services struggled and others launched only toward the end of the year. These factors have postponed growth for at least a year.
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