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Mobile payments market looking to flourish once Apple joins the fray

Industry Sector

Telecommunications

Published

21 November 2012

Author

Matt Bodimeade

Type of News

Market

The mobile payments market has been forecast to see its global volume increase by approximately 70% throughout 2012, with the number of mobile payment users worldwide projected to keep increasing, to reach more than 400 million by 2016.

The mobile payments market is flourishing - it seems barely a week goes by without another new company entering the fray. But it makes for a confusing time for retailers. A proliferation of services means it can be difficult to know what to invest in and which company does what.

However, a number of industry watchers have voiced concerns that touchless mobile payment solutions will not truly find widespread adoption until Apple joins the fray and adds the functionality to its popular iPhone line of smartphones.

While Apple has yet to give any indication that its smartphones will support NFC-based mobile payments in the future, one firm is confident that the market will soon take off like a rocket.

In the USA, the total value of mobile payments is expected to increase by a three digit percentage figure over the next few years. Even though in July 2012, mobile payment methods were not yet widespread in Canada, banks and companies are already starting to introduce such payment systems.

In the third quarter of 2012, the most popular mobile payment methods in Europe were card payments, so-called micro payments, which can be used to easily pay smaller amounts for apps, and payment on invoice. In 2012, the Brits were still hesitant when it came to mobile payments.

Fewer than 20% of all consumers in the UK want to use their mobile phones to make future payments. The majority are still concerned about safety. In April 2012, in Germany payments added to the mobile phone bill were quite popular.

The market for mobile payments continues to grow in Asia and Africa. The number of mobile payment users in China is likely to reach almost 400 million by 2014. In 2012, Japan recorded more than 200 million mobile non-contact payments.

For more information on the mobile payments market, see the latest research: Mobile Payments Market

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