Mobile payment transactions are an emerging opportunity to make purchases while using a mobile handset. While it's already a success in the leading countries and with advanced users, mobile payments have not yet achieved success on a global scale.
However, according to the latest market study by In-Stat, it is anticipated that this situation will begin to change in 2011 as the number of mobile payment users starts a significant upswing -- from 116 million this year to over 375 million in 2015.
"There appears to be consumer demand for mobile payments," says Amy Cravens, Market Analyst at In-Stat.
People surveyed already recognize the pain points with some current payment systems and indicate support for a cleaner, easier alternative. Moreover, mobile devices with built-in near field communications (NFC) capabilities will create the potential for new applications.
If mobile operators are able to push beyond the infrastructural challenges, and introduce these services to the mass market, then the transactional value of the mobile payments market is positioned to grow nearly tenfold over the next several years.
In-Stat's recent market study findings including:
- Significant smartphone penetration, globally.
- Consumer comfort level with purchasing goods via their phone through existing channels.
- A desire among mobile network operators to develop opportunities to generate revenue from mobile based commerce.
- Infrastructural developments are supporting contact-less payments, including NFC-enabled mobile phones and point of sale (POS) terminals.