The mobile payment users will exceed 500 million in 2010, according to 3Q.2010 Global Mobile Payment Market Forecast: 2010-2014, published by IE Market Research Corporation (IEMR), a Canada-based provider of market intelligence services.
IEMR’s Global Mobile Payment Market Forecast covers annual forecasts of mobile payment users; mobile payment transactions by technology – such as NFC, SMS, WAP, USSD – and mobile payment transactions by type of purchase – merchandise, digital products, ticketing, mobile money transfers, bill payments, and pre-paid top-ups.
Nizar Assanie, vice president for research at IEMR, said that mobile payment and m-commerce is definitely the next frontier of contactless payments across the world. “In 2010 alone, we are forecasting that mobile payment users will exceed 500 million.”
And, this number is set to grow at a CAGR of 20.5 percent to reach over 1 billion users in 2014, Assanie said, adding that IEMR’s usage surveys consistently show that mobile payment systems are getting traction among consumers globally.
“We believe that m-payments will reach the 1 billion users / $1 trillion transaction mark in the next five years. This would indeed be a milestone for this fast-growing mobile vertical,” Nizar said.
The report also forecasts that mobile payment transactions will increase at a CAGR of 94.8 percent globally, Nizar said, noting that this makes mobile payments perhaps the fastest growing vertical in the wireless value chain.
Assanie said that the channel checks with service providers together with the consumer-level demand surveys suggest that digital purchases – CAGR of 120.3 percent – and ticketing – CAGR of 138.3 percent – will continue to lead the growth in transaction values globally.
The report is based on IEMR’s Global Consumer Telecommunications Survey, which covers 50,000 mobile users in 50 markets globally. IEMR claimed that this report is the most extensive country-specific forecasts of its kind.Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.
Edited by Erin Harrison