Mobile payments to be worth more than $257 billion in 5 years

Mobile Payments market trends

Mobile Payments marketA new report has predicted that the use of smartphone transactions will skyrocket by 2018.

A new market research report has just been released which has shown that there will be considerable growth in the adoption and worth of mobile payments over the next half decade.

This report was released by MarketsandMarkets and says that by 2018, this market will be worth $278.9 million.

The name of the report is “Mobile Money Market: (Mobile Payments, Mobile Remittance, Mobile Banking & Mobile Commerce) – Advanced Technologies, Value Chain, Adoption Trends & Worldwide Market Forecasts (2013-2018)”. Within it, the researchers made numerous forecasts about the mobile payments market as a whole as well as about various segments.

Included in the mobile payments report is a section about various transaction modes, including NFC technology.

Throughout the pages, it details many different segments of the mobile payments marketplace, including the form of transactions – such as smartcards, NFC technology, mobile web, SMS, direct operator billing, and others – location of the transactions, the nature of the transactions, and the types of purchases that are being made and will be in the near future.

The report speculated that as smartphones increase their penetration, the actual number of the devices will soon actually surpass the number of people on the planet. Though mobile payments will play an important role worldwide, said the report, it indicated that the market will become exceptionally important in areas where there has been no access to formal banks, or where residents are typically under banked.

The MarketsandMarkets authors of the report also indicated that this will present an opportunity to for companies willing to develop and implement mobile payments services and that this will become highly rewarding within the next few years. They identified opportunities for numerous industries, including payment processors, mobile network operators, financial institutions such as banks and credit card companies, handset manufacturers, and mobile money platform providers.

Overall it reported that the mobile payments ecosystem will likely grow from its current worth at $13.8 billion, this year, to an forecasted $278.9 billion by 2018. This represents a growth of 82.4 percent within that rather small time period.

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