Juniper claims Mobile Payments Market to Hit $670 Billion by 2015

A new study (Mobile Payments Strategies: Opportunities & Markets 2011-2015) was performed by Juniper Research and they predicts that the total value of mobile payments for physical an digital items along with Near Field Communication (NFC) transactions and money transfers will hit a staggering $670 billion by the year 2015 which is up from $240 billion this year.

Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments

Within the next eighteen months there are roughly twenty countries expected to launch NFC services, which should see transactions getting near the $50 billion mark globally by the year 2014. The need for financial access in developing countries is such that mobile money user activity will double and drive values accordingly by the year 2013.

Other figures gleaned from the report includes the top three regions for mobile payment, North America, Western Europe and Far East & China, will collectively stand for 75 percent of the worldwide mobile payment gross transaction value by the year 2015, and by the same year digital goods payments will account for roughly 40 percent of the market.

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