The mobile payment industry is set to boom as more and more mobile phone users become permanently connected to the internet. Smartphones have changed the way consumers behave, and with the expanding world of applications and technologies like near-field communications (NFC), the shopping experience is becoming ever more wireless.
M-commerce is increasingly the number-one priority for retailers and service providers across the world. But it is still early days for now, with global transactions accounting for only 5% of e-commerce sales in 2014, according to mobile marketing expert mobiThinking.
By 2015, the picture will have changed dramatically - over 1 billion people worldwide are expected to process mobile transactions, with sales projections exceeding $120 billion.
Online payment giant PayPal predicts the number of permanently connected devices across the world to reach 10 billion by the year 2020.
Sector Statistics – Mobile Payment Market
- An estimated 81.3 million people worldwide have completed mobile transactions. By 2014, this figure is set to rise to 490 million. (source: Portio Research)
- Global mobile payment transactions reached $69 billion in 2009, and that figure is expected to jump to around $634 billion by 2014. (source: Portio Research)
- NFC is expected to become the standard in mobile payment services. Revenue generated through NFC transactions will increase to $168 billion by 2016. By 2014 there will be more than 300 million NFC-equipped smartphones in use worldwide (source: NearField Communication)
- Small mobile payments of between $2.50 and $10.00 are currently the most common among consumers. In 2010, around 60% of shoppers were repeat buyers, often spending up to $50.00 a month. (source: mopay)
Latest Business News – Mobile Payment Market
- Online payment company PayPal acquires mobile payment startup Fig Card
- Google begins testing mobile payment services in conjunction with tech companies VeriFone and ViVOtech
Key Players – Mobile Payment Market
- Google, eBay, Paypal, Starbucks, Apple, Facebook and Twitter are some of the leading companies showing the potential of the mobile payment market.
Upcoming Events – Mobile Payment Market
- Mobile Money World Middle East, May 17-18, Abu Dhab
- Global Payments Strategies Conference, Asia, Australia and the Americas, June 7-8, San Francisco, California, US