The value of payments made using mobile phones for everything from music, tickets and games to gifts will increase five-fold over the next five years.
This is one of the forecasts made by Juniper Research in a region by region analysis which explores how the mobile phone is developing into a payment tool that will be used by more and more people, more and more often in future.
Not surprisingly, the report concludes that there is a significant opportunity for mobile payment services, systems, software and supporting services to underpin the processing of the spiralling value of payment transactions by 2013.
Howard Wilcox , the report’s author, noted that retailers need to move quickly to exploit the opportunity presented, and ensure that they maintain ease of use for their customers who are already familiar with web shopping from their PCs.
“Merchants in North America and Western Europe are just starting to realise the potential of a mobile web presence as a fourth channel to market,” he added.
“Retailers should be evaluating the benefits of the mobile web, and be mindful of the success of regular ecommerce sites in generating sales.”
The findings come as the GSMA, the mobile industry’s global trade body, and the European Payments Council, which represents 8,000 banks, announce plans to work together to accelerate the deployment of services that enable consumers to pay for goods and services using their mobile phones.
Other highlights from the Juniper Research report include:
* The ticketing segment will be driven by consumer usage on rail, air and bus networks as well as sports and entertainment events. This will represent over 40 per cent of the global transaction value by 2013
* The top 2 regions (Far East and W. Europe) will represent over 60 per cent of the US$300bn pa global mobile payment gross transaction value by 2013 for digital and physical goods