Mobile Payments To Reach $1.3 Trillion Annually By 2017: Juniper Research [Study]

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At present, mobile banking is considered as one of the convenient mode of transactions. Yesterday, I discussed about how banking sector is now relying on mobile apps or optimized web page for mobile devices for transactions–related to balance inquiry or cash transfer. According to “Forrester Research”, mobile banking users will surpass 108 million figures in the U.S. by 2017.  In last couples of years, an awareness towards mobile payment has been grown up by different vendors around the world. Undoubtedly, we can see an incredible growth of mobile payment; expecting to reach $240 billion by the end of this year and $670 billion by 2015.

Recently, a market analysis firm–Juniper Research—has reportedly stated that mobile payments is going to surge by four-folds to $1.3 trillion over next four years. The firm has speculated that the growth of mobile payment will be driven by sales of physical goods by both remote purchase and NFC transactions in upcoming years. In addition to these, the sales of physical goods will account for 54% of the total mobile payments by 2017.

Despite being the key driven factor, the sales of physical goods (conducted through the mobile phones) will just account for around 4% of the global retail transactions by 2017. The main hurdle is consumers’ awareness towards NFC. However, just a few days before, I explained that 35 million NFC-enabled smartphones were sold last year and it’s going to touch 1.2 billion marks by 2015. Undoubtedly, we can see an outstanding growth of NFC-enabled smartphone over next four years around the world.

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Moreover, the notable point of the report is physical goods sales (via mobile devices) will account for 30% of entire e-Retails by 2017. Definitely, mobile operators need to focus on the secure and trusted service manager infrastructures. Apparently, the shipments of Smartphone and Tablet are going to outburst the market in forthcoming years and we could expect a better opportunity for mobile payments.

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