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
Ericsson Mobility Report: 5G mobile subscriptions to hit 150 million by 2021The latest edition of the Ericsson Mobility Report provides insight into the future of 5G networks, including a forecast of 150 million 5G mobile subscriptions by 2021. Read More
Yes Mobile partners AXAMansard on free phone, computer insuranceYes Mobile, a Nigerian mobile phone retailer, has partnered AXAMansard Insurance Plc to offer insurance on all phones and computers bought from any of its outlets. Read More
BlackBerry enhances enterprise software platformBlackBerry Limited has announced several updates to its enterprise software portfolio that define new levels of productivity, set new standards for secure communication and enable seamless access to data and applications behind the firewall or in the cloud. Read More
Airtel takes Platinum spot sponsorship ahead of Pope’s visit to KenyaBharti Airtel has partnered with the Catholic Church as a platinum sponsor for the upcoming historic visit of Pope Francis to Kenya. Read More
MTN now offers dual-SIM high end smartphoneMTN for the first time will be offering a high-end dual-SIM smartphone to cater for an increasing number of customers who have multiple SIM cards. Read More
Airtel Ghana appoints new Head of Corporate CommunicationsAirtel Ghana has announced the appointment of Richard Ahiagble as the company’s Head of Corporate Communications. Read More
MTN Business now offers wholesale multi-tiered service offering to allMTN Business has given further weight to its intentions of supporting open access fibre networks by announcing a multi-tier model that leverages off MTN’s fibre infrastructure and applies equally to enterprise end-users, households, and SME users. Read More
Tigo Rwanda offers customers 4G internet on all enabled smartphonesTigo Rwanda has announced the launch of 4G internet services accessible on all enabled smartphones. Read More
MTN Cameroon launches fight against SIM box fraudMTN Cameroon has hosted a summit aimed at kick-starting a crackdown on SIM box fraud, which costs telcos millions in lost revenue annually. Read More
FEATURED STORYeCommerce in Africa urged to take advantage of mobile
The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets.
BEST READ NEWS
IN DEPTHNigeria needs $25b investment in broadband, says Wood
Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.