Mobile Payments to Reach USD1.3tn annually by 2017

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
Mobile Payments to Reach USD1.3tn annually by 2017

The scale of global mobile payment transactions is expected to rise nearly fourfold over the next five years to more than USD1.3tn, a new report from Juniper Research has found.

The report – Mobile Payments Strategies: NFC, Remote Purchases & Money Transfer 2012-2017 – found that growth would primarily be driven by sales of physical goods by both remote purchases and NFC transactions.

These transactions – which will account for 54% of the total value of mobile payments by 2017 – have already been bolstered by stimuli such as the widespread rollout of NFC support infrastructure and the increased engagement of operators with the m-Commerce space. Nevertheless, it observed that despite this growth, those physical goods sales conducted via the mobile phone would still only account for around 4% of global retail transactions by 2017.

According to the report, the recent spate of activity across the NFC value chain has marked a tipping point; it cited Google Wallet, VeriFone’s POS terminals and the operator-led ISIS and Project Oscar consortia as key developments in this regard. However, it cautioned that for NFC to fulfil its potential, marketing behind the mechanism would need to be scaled up dramatically.

As report author Dr Windsor Holden pointed out, “While we are now seeing significant deployments of contactless infrastructure, consumer awareness is extremely low. Thus, it is imperative for all members of the NFC value chain to engage with the public to heighten its profile as a simple, intuitive payment mechanism.”

The report also noted the growing importance of mobile as a means of enabling both domestic and international money transfer, although it stressed that in many markets service adoption was being inhibited by national regulatory requirements and by a lack of interoperability between services.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

TransUnion launches Nipashe credit checking solution for Kenya

TransUnion has launched an innovative new SMS short code solution that enables consumers in Kenya to easily access their credit information.  Read More

Orange Money Botswana tops 300,000 subscribers

Orange Money Botswana has announced that its customer numbers have reached the 300, 000 mark. Read More

Airtel, Wari expand financial inclusion in Nigeria

Airtel Nigeria has collaborated with payment solution provider Wari, to provide an innovative payment platform for Nigerians. Read More

Glo Xchange agents roll out operations on mobile money

Globacom has announced its readiness to roll out the first set of market-ready agents for its mobile money service, Glo Xchange. Read More

BotswanaPost releases app for electricity purchasing

BotswanaPost has officially released a smartphone app allows users to users to purchase prepaid electricity using mobile phones. Read More

GeoPoll, Kantar Media Unveil Kantar-GeoPoll Media Measurement in Africa

GeoPoll’s mobile platform and media measurement service is to be combined with Kantar Media’s experience in audience measurement methodology. Read More

Study: online gambling goes mainstream

New data from Juniper Research has found that more than 1 in 10 adults worldwide will engage in some form of mobile or online gambling by 2019. Read More

Is Kenya ready for social commerce?

With 99% of Kenyans accessing the internet through smartphones, many factors still hamper the growth of social commerce, says Jumia’s Communications Manager. Read More

MTN Ghana holds 2nd Mobile Money forum in Accra

MTN Ghana held its second Mobile Money Stakeholders’ Forum in Accra this week, under the theme maximizing the potential of mobile money to drive financial inclusion in Ghana.  Read More

Now parents can use mobile to pay kids for doing their chores

ZAZOO has partnered with Funifi to add a secure mobile payment mechanism to an app that encourages kids to do their chores.   Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

Alcatel-Lucent VP calls for collaboration to achieve Data Revolution in AfricaAlcatel-Lucent VP calls for collaboration to achieve Data Revolution in Africa

The Vice president of Alcatel-Lucent Africa, Daniel Jaeger, has reiterated the need for African stakeholders to work together to address challenges in the way of ICT development in Africa. 

IN DEPTH

High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.

COMPANY NEWS

MTN SA expands its FTTH network to the Western Cape

MTN South Africa has expanded its fibre to the home (FTTH) footprint to the Western Cape, and trenching has already commenced in the picturesque suburbs of Fresnaye ...