With mobile credit card processing increasing in popularity throughout much of the world, it may not be a shock that more may use the technology in the coming years. This could signal that more businesses will start to look at mobile payments as a viable transaction choice.
The global level of mobile payment sales may rise to more than $235 billion this year, a report from Gartner noted. This figure is approximately 45 percent higher than last year, when that period had slightly more than $163 billion in transactions. There is also forecast to be a notable gain in the total level of users. There were 200 million mobile payment users last year – a figure that is expected to reach more than 245 million users this year.
“We expect global mobile transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017,” said Sandy Shen, research director at Gartner. “Nevertheless, we have lowered the forecast of total transaction value for the forecast period due to lower-than-expected growth in 2012, especially in North America and Africa.”
Money transfers may dominate the market, as this could have more than 70 percent of all transactions during the year, the repot explained. There also may be a notable portion used by retail purchases, as approximately one-fifth will be in this category. Retail may rise to as much as 23 percent of all transactions by 2017.
Separate report projects positive trend in usage
This was not the only report that felt mobile payment frequency was on the verge of heading in an upward motion. An infographic compiled by Mobile Payments Today and Cellum noted similar gains that are to be expected by 2015.
There is projected to be $1 trillion in mobile payment transactions throughout the world by 2015, the report noted. This would be due to more than 1 billion smartphones in use around the world, as well as the more than 1 million mobile payment users by that point.
Progress has been seen already this year, as 2 million sales occur through mobile payment channels each week in restaurants, the report added. More than two-fifths of all iPhone owners have purchased some item by using their device since acquiring it.Back To Blog