Mobile payments are an emerging opportunity to make payment from or with a mobile handset. While a success in certain countries and with fringe audiences already, mobile payments have not yet achieved success on a global scale. However, it is anticipated that this will begin to change in 2011 as the number of mobile payment users starts a significant run up from 116 million to over 375 million in 2015, according to a recent research report from In-Stat.
“There appears to be consumer demand for mobile payments,” says Amy Cravens, Market Analyst. “Consumers do recognize pain points with current payment systems and indicate support for a cleaner, easier alternative. If mobile operators are able to push beyond the infrastructural challenges and introduce these services to the mass market, the transactional value of the mobile payments market is positioned to grow nearly tenfold over the next several years.”
Recent research findings identify the market’s preparedness including:
- Significant smartphone penetration.
- Consumer comfort level with purchasing goods with their phone through existing channels.
- A desire among mobile operators to develop opportunities to generate revenue from mobile based commerce.
- Infrastructural developments supporting contactless payments, including NFC-enabled mobile phones and Point of Sale (POS) terminals.
The In-Stat report, entitled “Mobile Payments: Is the Market Ready?” examines the mobile payment market structure, outlining the various elements in this multifaceted market. Discussion will include mobile payment types as well as the relationships comprised in this complex ecosystem.
The report also includes:
- Market player profiles including: Bling Nation, Boku, Clairmail, Isis, mFoundry, and Obopay
- Forecasts for the mobile payments market through 2015
- Forecasts of anticipated usage and transaction volume
- Detailed examination of the NFC market
- All forecasts extend through 2015 and are segmented by geographic regions