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Mobile payments to grow 10 fold by 2013

Mobile payments to grow 10 fold by 2013

Purchases via mobile devices of digital and physical goods, contactless NFC (Near Field Communications) transactions and money transfers will together generate transactions worth over (£300bn) $600bn globally by 2013, according to Juniper Research’s Mobile Payments Study.

This figure represents the gross value of all the items being purchased or the value of money being transferred.

The report determined that while the mobile market today is dominated by digital goods purchases such as ringtones, music, games and infotainment, there are three high potential markets which offer major new opportunities for the future: contactless NFC, mobile money transfer and physical goods purchases via mobile devices.

Report author Howard Wilco, said, "We’re forecasting that all segments of the market will see growth over the next five years, driven by both the rapid availability of exciting, easy to use services, and the continued growth in mobile subscriber penetration, particularly in developing countries.

“As well as becoming multifunctional devices for many users, mobiles will become wallets that people won’t leave the home or office without.”

Highlights from the report include that global annual gross transaction value will grow over 10 times between 2008 and 2013.

Juniper Research’s 2008 forecasts show an increased growth rate of the global mobile subscriber base than previously, with in excess of 1 billion new users by 2013.

The top three regions for mobile payments (Far East & China, W. Europe and N. America) will represent over 70% of the global mobile money transfer gross transaction value by 2013.

The study provides the “big picture” view of mobile payments, exploring how the overall market will develop.

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