Mobile Payments to Reach USD1.3tn annually by 2017
MOBILE| Aug. 16, 2012, 7:52 a.m.
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.
MORE MOBILE NEWS
African mobile subscriber numbers pass half a billionMore than half a billion people across Africa are now subscribed to mobile services as the continent continues to migrate rapidly to mobile broadband networks, reveals a new GSMA study. Read More
Vodacom Tanzania deploys PeerApp content-delivery solutionPeerApp, the leading provider of local content-delivery solutions for mobile, telco and cable operators, has announced the sale of its UltraBand content-caching solution to Vodacom Tanzania, the largest wireless telecommunications network, by subscribers, in Tanzania. Vodacom Read More
Etisalat complies with NCC directive on Do-Not-Disturb codeEtisalat Nigeria has introduced the ‘Do-not-Disturb’ (DND) facility that enables customers on its network to opt-out completely or partially from receiving unsolicited marketing text messages and calls. Read More
MTN Rwanda launches Damarara promoMTN Rwanda has announced the launch of its customer loyalty promotion dubbed ‘Damarara’, which is designed to reward MTN customers based on the usage of MTN products and services. Read More
Tigo appoints Director for Tigo BusinessTelecom brand of the year Tigo has appointed Stephen Essien as the new director for its enterprise unit, Tigo Business. Read More
Apollo Hospitals and Airtel bring expert healthcare to AfricaApollo Hospitals, the largest healthcare group from India, and Airtel Africa, a leading telecom operator with operations in 16 countries in Africa, signed an MoU to enhance healthcare cooperation across Africa. Read More
Telkom Kenya launches new entry-level smartphoneTelkom Kenya has expanded its phone portfolio with the launch of the new Kaduda Smart into the market. Read More
MTN Cameroon suspends non-compliant numbersMTN Cameroon has suspended unidentified subscriber numbers to fully comply with Decree 2015/3759 of 03 September 2015. Read More
MTN Ghana present prizes to 20TH Anniversary Promo WinnersMTN Ghana has presented the first batch of prizes to winners of its 20th Anniversary promotion in Accra. Read More
FEATURED STORYFirst-ever Africa Barclays Accelerator programme concludes
Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.
BEST READ NEWS
IN DEPTHEthical Hacking students can’t get a heck of a job
Botswana ethical hacking students report that they are failing to break into the local job market.