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.