Mobile Payment Transactions May Reach $1 Trillion by 2015
The mobile payment industry is growing, offering revenue generating solutions throughout the market and potentially generation $1 trillion in global transactions by 2015, according to the latest report from Heavy Reading Mobile Networks Insider.
"Mobile payments have gone from being a cool-to-talk-about concept to a disruptive technology in a relatively short time frame," says Denise Culver, research analyst with Heavy Reading Mobile Networks Insider and author of the report. "MNOs and payment vendors should be looking at different ways to drive demand for mobile payments, which have the potential to create significant revenue throughout the entire mobile ecosystem."
According to some statistics, the mobile payment industry is forecasted to account for as much as $1 trillion in global transactions by 2015, Culver says. "Consumers, who already are accustomed to paying bills and buying goods online, are driving much of the move toward mobile payments. As the proliferation of mobile phones, smartphones and tablets continues, it's only natural that those same consumers feel the desire to use those devices to make purchases," she continues. "The mobile technology market is quite aware of the movement, with MNOs and vendors creating several exciting technologies and partnerships to further develop mobile payments."
Key findings of No Idle Chatter: Payments Add Value to Mobile Ecosystem include the following:
- Although consumers like mobile payments, retailers will drive demand for mobile payments.
- One of the biggest drivers over the next two years will be enabling mobile payments vendors and providers to enable targeted services to users, which will improve customer service.
- The market is exploding with a complex ecosystem of stakeholders and new entrants comprised of handset manufactures, mobile network providers, retailers and consumers.
- Consolidation of solutions and a more compelling value proposition for merchants and consumers will drive growth in all markets.
- New industry partnerships will take place, in which billing providers, financial institutions and carriers team up to bring new solutions to the market.
Tags: [mobile payments]