Mobile Payments to Reach USD1.3tn annually by 2017

MOBILE

|
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 MOBILE NEWS

Airtel Ghana sweeps PR Excellence Awards

Maame Dufie Cudjoe, Kwame Gyan, Hannah Agbozo, Edward Sasu Appiah, Lucy Quist and Donald Gwira Airtel Ghana, Telecommunications giant and winner of CIMG Marketing Oriented Company of the Year, has won five awards at the 2014 Institute of Public Relations Excellence Awards.  Read More

Who wins Vodafone Icons 2014?

Come Wednesday, the final five Vodafone Icons contestants will battle it out and trill music fans to their wonderful compositions to climax this year’s Remix Edition of Vodafone Icons at the National Theatre.  Read More

Alliance for Affordable Internet welcomes Ghanaian moves to cut mobile phone taxes

The Alliance for Affordable Internet (A4AI) has welcomed Ghana’s commitment to scrap hefty import duties on smartphones.  Read More

VMware Study: Businesses can Take Three Weeks to get Employees Mobile-Ready

EMEA businesses say concerns over trust, ownership and delivery capability may hold back taking advantage of the mobile cloud-era. Read More

Satellite-powered tablet to use Newtec technology for e-learning

Satellite solution provider Yazmi has announced a new e-learning scheme using the first satellite-enabled tablet, called Odyssey, and Newtec's multicast technology to deliver content via satellite to rural, remote and low income regions in Asia, Africa and the Middle East. Read More

TECNO to launch sub-$30 smartphone next year

Device manufacturer TECNO Mobile is planning to launch a smartphone next year that will cost less than US$30, as it looks to remove the barriers to smartphone ownership in Africa. Read More

Airtel, Facebook to bring Internet.org mobile app to Kenya

Airtel has announced a partnership with Facebook to offer the Internet.org app to its prepaid and post-paid customers in Kenya beginning later this week.  Read More

80% interest in “right person, right message, right moment” mobile marketing

New research reveals that although 80% of respondents feel annoyed when receiving unsolicited messages, the same proportion could be won back by operators and brands if they implemented best practices to improve customer engagement. Read More

Airtel Ghana MD urges youth: ‘strive for excellence’

The Managing Director of Airtel Ghana, Lucy Quist, has called on all to blaze their own trail through persistence in the pursuit of their dreams. Read More

Vodafone execs volunteer at Senchi Community Library

The senior management team of Vodafone Ghana took time off from their busy schedules to paint and clean up the Senchi Community Library in the Eastern Region.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

GSMA: half a billion mobile subscribers in SSA by 2020GSMA: half a billion mobile subscribers in SSA by 2020

The number of unique mobile subscribers in Sub-Saharan Africa will pass the half billion mark in 2020, says a new GSMA report.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.  

COMPANY NEWS

Leading through volatility in Africa

For the businesses that are prepared to face the storm and manage the volatility afflicting the continent, there are still huge rewards to be had from doing business ...