More than 2.5 billion wireless subscribers are expected to use mobile payment services by 2015, according to a new report from Juniper Research. Representing a 40% growth rate from 1.8 billion projected users this year, the firm said tickets for transportation and entertainment are two key factors driving the surge.
“Whilst the mobile payments sector offers substantial growth opportunities, it needs to be seen by innovative players as a platform from which to develop new value added applications and services such as personalized mobile coupons, loyalty schemes, and novel augmented reality offerings,” senior analyst David Snow wrote.
The report also noted that fraud is on the rise with certain types of mobile payments like direct billing, which will prompt a more comprehensive approach to mobile security throughout the industry.
By 2015, nearly 30% of all mobile payments users are expected to be in the Far East and China and the Indian subcontinent is projected to exceed 400 million users.
Payments projected to reach 2.5B users by 2015
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