Mobile Payment market to Triple by 2015
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Mobile Payment market to Triple by 2015
Bangalore: A new study from Juniper Research has revealed the fact that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670 billion by 2015, up from $240 billion this year. It represents the gross merchandise value of all purchases or the value of money being transferred. The New Mobile Payment Strategies report revealed that all segments will exhibit two to three fold growth over the next five years. The growth will be triggered by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. As many as 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014. The need for financial access in developing countries is such that active mobile money users will double by 2013 and drive transaction values accordingly. The report also includes that the top three regions for mobile payments (Far East and China, West Europe and North America) will represent 75 percent of the global mobile payment gross transaction value by 2015. It also reports that the digital goods payments will account for nearly 40 percent of the market in 2015. Senior analyst David Snow said, "Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment but is not growing as fast as some of the newer segments." The report provides the vast scenario of mobile payments, providing forecasts of the main market segments of digital and physical goods purchases, contactless NFC and domestic and international money transfers and remittances, providing regional forecasts of gross transaction values.

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