Mobile money transfer and contactless NFC (Near Field Communications) will together account for 50% of the overall mobile payment market globally by 2013, (based on the gross transaction values), according to Juniper Research's new Mobile Payments Study.
The report found that the mobile payments market will in the future be driven by subscribers transferring money and using NFC features on their handsets to make purchases. This will drive the overall mobile payments market to grow by a factor of ten between now and 2013. The top 3 regions for this sector will be the Far East & China, Western Europe and North America, and account for over 70% of mobile money payments on a gross transaction basis by 2013.
"We see significant opportunities for new services making it easier for the 'underbanked' population and migrant workers to make remittances, using their mobile phones as mobile wallets: the services already in operation are seeing rapid growth." Wilcox added that mobile wallets will incorporate NFC which will enable people to use their mobile phones to pay for small value items such as refreshments and magazines," said report author Howard Wilcox.