In Juniper Research has come up with its new report showing that the system of mobile payments is becoming a big business. So big, in fact, that it is expected to surpass $670 by year 2015. Even now the market for mobile payments is thriving. Juniper Research declares that the gross merchandise value of all purchases or the value of money being transferred is on its way to reach $240 billion this year.
Founded in 2001, Juniper Research is considered to be a leading analyst in the wireless segment. It provides research and analytical services like consultancy, analyst reports and industry commentary to the global communications sector.
The top three regions, according to Juniper Research, in mobile payments are the East Asian countries, Western Europe and North America. These three geographical areas are going to corner between themselves about 75 per cent of the total mobile payments by 2015. During the same period the digital goods payments will account for almost 40 per cent of the market.
The main reasons for the high growth in the mobile payment market is the rapid rise in the smartphone usage, better connectivity and development of solutions that facilitate purchase of physical and digital products through mobiles. Emerging segments such as NFC (Near Field Communications) and money transfers are also fuelling the market growth.
Just the rapid adoption of NFC technologies may result in transactions to the tune of $50 billion worldwide by 2014. The growing need for seamless financial services will drive more and more users towards using mobile money solutions and this trend is expected to continue in developed as well as developing economies.
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