Mobile credit card processing is set to attract a wider variety of users this year, spurring the payment channel to hit a new record, according to a new study.
A new report from Gartner predicts that mobile payments will hit $171 billion worldwide this year. The figure represents a 62 percent jump over last year, which saw $105.9 billion in mobile payments.
While media has focused on the still-developing channel of near field communications, the majority of mobile payments will be made up of text and web payments, especially in the U.S., Europe and developing nations. However, countries such as Japan and South Korea are expected to continue driving NFC use.
“NFC payment involves a change in user behavior and requires collaboration among stakeholders that includes banks, mobile carriers, card networks and merchants,” said Gartner analyst Sandy Shen, adding that the research firm doesn’t expect this to happen until at least 2015.
Currently, the mobile payment industry is made up of a number of big name credit card and technology firms, such as Google and MasterCard, competing for dominance.Back To Blog