Total value of mobile payment transaction will exceed $171.5 billion worldwide in 2012, meaning an increase of 61.9% compared to 2011, according to the latest figures provided by the consulting company Gartner.
Total value of payments made with mobile devices will amount to $105.9 billion, while the number of users will reach to 212,200,000 in 2012 from 160,500,000 users in 2011.
Company specialists expect the overall volume of mobile transactions and the average annual growth to be around 42 percent between 2011 and 2016, estimating a market worth $ 617 billion, with 448 million users by 2016. Sandy Shen, Research Director at Gartner, says that this growth will bring new opportunities for service and solutions providers that will have to respond to local requests to customize their offers.
Mobile payment market will experience different fragmented services and solutions for the next two years. Technology providers will have to adjust their solutions for the local markets using different access technologies, business models and partnerships, under different regulatory conditions.
The SMS remains the dominant technology access in developing markets because of constraints on different types of mobile and the easiness in using SMS.
Web / WAP access is the preferred technology for North America and Western Europe as mobile Internet is commonly available and enabled on users’ devices. Gartner expects that by 2016 account access by Web / WAP to be active for about 88% of transactions in North America and 80 percent in Western Europe.
Near Field Communication (NFC) transactions will remain relatively low until 2015, although the growth level will begin to increase starting from 2016.