Mobile payments to reach $630 bn by 2014

NEW DELHI, INDIA: Mobile payments market is all set to grow from $170 billion in 2010 to almost $630 billion in 2014, says the latest research report by Juniper.

The reasons for the growth are not tough to guess - increase in smartphones market and also an increased application store traffic have acted as catalysts. The research also believes that SMS based ticketing schemes and mobile shopping efforts have boosted m-payments markets in developed nations.

The study also believes that the top three regions for mobile payments - the Far East & China, Western Europe, and North America - will represent nearly 70 per cent of the global mobile payment gross transaction value by 2014.

Report author, Howard Wilcox said, "Our analysis showed that whilst the digital goods segment will account for nearly half of the market in 2010, the emerging segments-such as physical goods payments, NFC and money transfers-will impact the market rapidly. By 2014 for example we forecast that physical goods mobile payments market will be worth $100 billion.”

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