Mobile payments users are expected to grow by 40% to reach 2.5 billion globally by 2015, according to a new report from Juniper Research.
Juniper says the Far East & China region will be the largest market for mobile payments in 2015, accounting for nearly 30% of the total by 2015, while the Indian Sub-Continent is forecast to exceed 400 million users by 2015.
Mobile tickets for transport and entertainment were found to be two of the key sectors influencing growth, although new service and application adoption will also be very important, according to Juniper.
Senior analyst David Snow comments: “While the mobile payments sector offers substantial growth opportunities, it needs to be seen by innovative players as a platform from which to develop new value added applications and services, such as personalized mobile coupons, loyalty schemes, and novel augmented reality offerings.”
Juniper’s report, “Mobile Payments for Digital & Physical Goods,” also warns that fraud levels with certain types of payments such as PSMS and direct billing are on the increase with mobile security becoming a key issue in the not too distant future.
The report compares the positioning of 17 mobile payments vendors, enabling the reader to identify and compare their strategies, says Juniper. Forecasts of five year regional data for mobile digital & physical goods payments are also given, detailing subscriber take-up, transaction sizes and volumes.