Mobile Payments to Reach USD1.3tn annually by 2017
MOBILEBy BiztechAfrica - 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
Orange, Emmaüs International launch phone recycling facility in AbidjanOrange and Emmaüs International have launched a fifth mobile collection facility in Africa, in Abidjan, Côte d’Ivoire. Read More
Mobile device greenhouse gas emissions surgeSmartphone charging will consume almost 14,000 Gigawatt-hours of dirty energy by 2019, says a new report. Read More
Airtel DRC, UN team up to launch social programmesMobile operator Airtel DRC has teamed up with the United Nations Development Programme (PNUD) and a local bank, Rawbank, to launch a series of social programmes aiming at improving the lives of rural Congolese people. Read More
MTN Ghana supports Asafotufiami FestivalMTN has donated five thousand Ghana Cedis and assorted items to the Chief and people of Ada as part to its contribution to the Asafotufiami Festival. Read More
4G LTE: more than 1 in 5 active mobile connections by 2019A new report from Juniper Research forecasts a rapid uptake of 4G LTE mobile technology in the next five years, with active connections crossing the 1 billion mark in 2017 and reaching 1.8 billion by 2019. Read More
Mobile technologies catalysts for development in SenegalAlcatel Lucent is participating in a mobile-based anti-diabetes campaign in Senegal. Read More
Ghana resolves to improve QoSThe Government of Ghana has announced strict punitive measures to be taken against operators whose services fall below the expected quality of service levels. Read More
Vodafone Ghana appoints new Chief Marketing OfficerVodafone Ghana has appointed Agnes Emefa Essah as its new Chief Marketing Officer (CMO). Read More
MTN Ghana Foundation disburses $136 560 to build schoolMTN Ghana has delivered a state-of-the-art senior high school its Foundation built at the cost of GH¢437 000. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.
COMPANY NEWSVMware reports second quarter 2014 results
VMware, the global leader in virtualization and cloud infrastructure, today announced financial results for the second quarter of 2014.New Sage ERP X3 version puts business information at your fingertips
Sage ERP Africa has announced the availability of Sage ERP X3 version 7, the latest version of its global business management solution for midsized companies.How the cloud can power entrepreneurship and urbanisation in Africa
Cloud computing is not only fundamentally changing the way business operates, it is also driving a new wave of job creation opportunities, says SAP Africa.