Juniper Research has released the results of their latest study regarding the value of near-field communications (NFC) transactions, mobile payments for purchases both digital and physical, and money transfers over mobile devices, and has announced that by 2015 it will have reached $670 billion.
When compared to the total Juniper Research is expecting for this year, which is $240 billion, this is a notable increase. It also indicated that over the next year and a half, there will be twenty more countries that will start to embrace NFC payment services and systems. The value of those additional transactions is expected to be worth approximately $50 billion by the year 2014.
Over the next five years, virtually all market segments will either double or triple their growth of the use of mobile payments. It is predicted that the driving force behind this increase will be the rapid acceptance of the everyday use of NFC contactless payments, mobile ticketing, money transfers, and the purchase of physical goods in both developing and developed countries around the world.
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In the United States, Google has unveiled its Google Deals and Google wallet services, and this online giant has also partnered with massive organizations such as MasterCard, Citi, Macys, Sprint, Subway, and Walgreens.
To date, the largest markets for mobile payments are in Western Europe, North America, China, and much of Asia. Within those regions, the research firm’s report stated that mobile payments will “represent 75% of the global mobile payment gross transaction value by 2015.”