Global mobile payments to exceed $170 billion annually by 2015

A new report by Juniper Research forecasts that the gross transaction value of mobile payments will exceed $170 billion worldwide by 2015—nearly triple the $60 billion forecast for 2011.

Juniper Research found that initial growth had been fuelled by "a dramatic upsurge in retail apps in the wake of the consumer smartphone explosion." 

"Our research for this report underlined the importance of mobile as an extra channel to market, but Juniper believes that mobile campaigns must be tightly linked to print, online and store based campaigns to ensure consistency of customer experience," Senior analyst David Snow said. "Increasingly people will browse on one device such as a PC and then buy from another such as a smartphone."

According to the report, the market will gain further momentum in the medium term following the increasing deployment of point of sale solutions for in-store, cashless transactions. And interestingly, retailers have observed a "marked uplift" in average transaction value when cash is replaced by a mobile payment method.

The whitepaper, The Goods, the Payment and the Mobile, and further details of the new mobile digital and physical goods study can be freely downloaded from Juniper's website.

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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