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

Search News

comments powered by Disqus

MORE MOBILE NEWS

Surfline Ghana to celebrate customers with appreciation week

Surfline Communications is set to kick-start its Customer Appreciation Week with a commitment to continuing offering customers and businesses first-rate customer service.   Read More

MTN names new Group President & CEO

MTN has announced plans to appoint Vodacom executive Rob Shuter as the new MTN Group President and CEO.  Read More

Airtel, Tigo Ghana sanctioned in NCA 3G Report

Ghana’s National Communication Authority has sanctioned Airtel and Tigo Ghana for failing to cover district capitals, including Karaga, Bimbilla and Wulensi, with a 3G network.  Read More

Surfline Ghana partners this year’s MOBEX

Surfline Communications says it has partnered Coaster International and other stakeholders to present Ghana’s biggest ICT fair and seminar, MOBEX 2016. Read More

New Airtel Premier Retail shop opens at the Achimota Mall

Airtel has opened a bespoke customer experience center at the Achimota Mall to exclusively cater to the telecommunication and lifestyle needs of its high value and Premier customers. Read More

MTN Rwanda launches youth campaign

MTN Rwanda has announced the launch of its new youth proposition campaign which is targeted at the youthful subscribers on its network. Read More

Internet of Things to overtake mobile phones by 2018: Ericsson Mobility Report

Rima Qureshi, Senior Vice President, Chief Strategy Officer Ericsson Mobility Report reveals that the Internet of Things (IoT) is set to overtake mobile phones as the largest category of connected device by 2018. Read More

Safaricom launches youth platform

Safaricom has announced the launch of BLAZE, a platform that seeks to empower youth using the power of mobile.  Read More

Vodafone sweeps awards in two separate events

Vodafone Ghana is cementing its reputation for social media excellence, with a series of awards. Read More

Winners emerge in Samsung’s “Inspire Bigger Dreams” campaign

The Samsung Electronics “Inspire Bigger Dreams” competition has produced three winners. The campaign was aimed at encouraging Nigerians to keep their dreams alive, dream bigger and aspire to greater heights.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Government should encourage youths in ICT earlyGovernment should encourage youths in ICT early

Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.  

COMPANY NEWS

Tigo Business – Building trusted business partner relationships with clients

Tigo Business has increased and empowered its account management team to improve its overall customer service experience.