Edgar, Dunn & Company (EDC) has partnered with Payments Card & Mobile magazine to launch a new report predicting massive growth for “advanced payments,” i.e. Internet, mobile and contactless, up to 2016.
Sponsored by MasterCard, The Advanced Payments Report 2011 comprises a review of the global payments landscape, surveys of payment industry stakeholder opinion, and discussions with more than 650 industry executives and thought leaders.
According to the report, mobile and contactless payments will see the greatest global market growth over the next five year period, reaching $680 billion and $320 billion, respectively.
Despite this predicted boom, a lack of point-of-sale terminal infrastructure will be an obstacle for further growth of contactless payment, says EDC. Mobile payment will also be hindered due to a general lack of cooperation between banks and mobile network operators.
EDC’s report also foresees continued growth in the Internet or online payments global market, which is expected to more than double to over $2 trillion by 2016.
Click here to access a copy of the report.