The mobile payments market is expected to grow to more than $600 billion worldwide by 2013, according to predictions from Juniper Research’s Mobile Payments Study.
The market includes purchases made via mobile devices of digital and physical goods, contactless Near Field Communications transactions and money transfers. The $600 billion figure represents the gross value of all items being purchased or the value of money being transferred.
Juniper said the mobile market today is dominated by digital goods purchases such as ringtones, music, games and infotainment, but NFC, money transfers and physical goods purchases via mobile devices will represent new opportunities for the mobile payments market.
“We’re forecasting that all segments of the market will see growth over the next five years, driven by both the rapid availability of exciting, easy to use services, and the continued growth in mobile subscriber penetration, particularly in developing countries,” said Howard Wilcox, author of the report. “As well as becoming multifunctional devices for many users, mobiles will become wallets that people won’t leave the home or office without.”
The report predicts global annual gross transaction value will increase tenfold between 2008 and 2013.
Mobile payments to hit $600B by 2013
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