The mobile wallet may be a full-fledged reality in five years, according to the latest report from UK-based Juniper Research. Its new Mobile Payments Study projects that purchases using NFC-enabled phones coupled with money transfers could total $600 billion globally by 2013.
The report’s author, Howard Wilcox, commented that this growth will be “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.”
The report determined that while the mobile market now is dominated by digital goods purchases such as ring tones, music, games and infotainment, there are three high-potential markets which offer new opportunities for the future: NFC, mobile money transfer and physical goods purchased via mobile devices.
Highlights from the report include:
– 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, with an excess of one billion new users by 2013.
– The top three regions for mobile payments – Far East and China, western Europe and North America – will represent more than 70% of the global mobile money transfer gross transaction value by 2013.
The study also provides a big picture view of mobile payments, exploring how the overall market will develop. The report provides forecasts of the main market segments (digital and physical goods purchases, NFC and national and international money transfers and remittances), providing regional forecasts of gross transaction values. The report also offers profiles of 13 vendors and 17 service providers pioneering in this market.