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

255 new mobile stations for Senegal pilgrimage

A total of 255 new mobile stations or BTS antennas have been made available in Senegal by SONATEL to cater for millions of Mouride believers who have gathered to the ‘holy city’ of Touba for their annual religious pilgrimage called ‘Magal de Touba’. Read More

Airtel customers to pay for Nairobi parking with Airtel Money

Bharti Airtel has partnered with Jambo Pay and Nairobi City County to introduce a payment option for parking fees via the Airtel Money platform. Read More

4G tests must be free, warns Senegal regulator

Senegal’s telecommunication regulator last week warned telecommunications companies not to charge users during their 4G tests. Read More

Ghana Telecoms Chamber, UNICEF launch Africa against Ebola SMS campaign

The Ghana Chamber of Telecommunications, together with UNICEF, has officially launched the Africa against Ebola Solidarity SMS Campaign. Read More

Safaricom launches LTE Advanced

Safaricom has launched its LTE Advanced (4G) proposition in Kenya. Read More

MTN apologises to SA customers for network disruptions

MTN has issued an apology to South African customers affected by service disruptions in the past two weeks. Read More

The delivery of international SMS: outlook for 2025

Marking the 22nd anniversary of the first SMS, BICS says SMS will enjoy a healthy future, at least for the next 10 years. Read More

Chris wins Ghana Vodafone Icons 2014 in grand style

The auditorium of Ghana’s national theatre came to a standstill on Wednesday night as the master of ceremonies for the occasion announced Chris as the  overall winner of the 2014 Vodafone Icon contest. Read More

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

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

PWC: Optimism abounds but a bumpy journey ahead for somePWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.

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.