Contactless Mobile Payment Transactions to Grow Tenfold during 2012 -2016: NPD In-Stat
Mobile payment options are rising. There is a variety of models depending on the type of mobile payment and the player involved, but there is no single model that has been adopted by the entire market.
According to recent research from NPD In-Stat, proximity or contactless mobile payment transactions will increase nearly tenfold during the period 2012-2016. The number is expected to reach 9.9 billion in 2016 from 1.1 billion in 2012.
Over half of survey respondents are familiar with mobile payments, up from just one-third in 2011. Remote mobile payments will account for nearly $226 billion in mobile payments in 2012
“The contactless or proximity mobile payments market is in its infancy and thus a variety of technologies are being explored and promoted,” said Amy Cravens, senior analyst, in a statement. “2011, however, was a significant year in clarifying the future direction of market development.”
“Based on the vast support for NFC and the endorsements made by significant players in 2011, it is apparent that this will be the dominant contactless payment solution going forward,” Cravens added.
“However, there continues to be a great deal of support behind barcode-based payments as well (mFoundry and Starbucks, PayPal (News - Alert), and Home Depot), indicating that these types of solutions will continue to be supported in the coming years,” according to Cravens.
Among the regions, Asia Pacific will dominate proximity mobile payments throughout the forecast period. APAC will contribute 41 percent of mobile payment transactions in 2016.
Citing other recent researches, recently TMCnet reported that mobile bill payments may reach $214 billion in gross dollar volume in 2015. Part of this explosion probably has to do with the gazillions of apps coming out for mobile payment, yet the effects of this growth are now leaking into the corporate environment, and not just the consumer side of the issue, the report said.
Edited by Rich Steeves