You've been redirected from MobilePaymentsToday.com to PaymentsDive.com. In March 2021, Mobile Payments Today became a part of Payments Dive. For the latest payments news, sign up for the daily newsletter.

Analyst report predicts global mobile transactions to reach $945 billion in 2015

Published

Sept. 11, 2011

Another research firm is weighing in on the potential market for mobile payments, and the predictions are similar to the outlooks of other analysts. In short, the news is good for mobile payments.

In its Global Mobile Payment Market Forecast 2011-2015, Vancouver, British Columbia-based IE Market Research is forecasting that global mobile payment transactions may exceed $945 million in 2015, a compound annual growth rate (CAGR) of 98.4 percent. Additionally, the research firm predicts that mobile payment users will increase to 893.3 million by 2015, a CAGR of 18.4 percent.

"M-commerce and mobile contactless transactions, driven by their allure of convenience, are poised to promote ‘less-cash’ societies all over the world," said Nizar Assanie, vice president of research at IEMR.

"Our usage surveys reflect a trend of mobile payments growing commonplace in the Western world, corroborated by the fact North American and Western European markets are geared up for the beginning stages of a full-fledged adoption of the digital wallet," Assanie said.

Along with the global market for mobile payments, IEMR’s report also looks at the various technologies powering mobile payments. One of the important findings is that SMS transactions will decline significantly as NFC technologies become available. IEMR predicts SMS technologies will decline in share from more than 72 percent of all mobile payment transactions in 2010 to just over half (52.3 percent) of mobile transactions in 2015. The forecast predicts 55.3 billion NFC transactions in 2015, a compound annual growth rate of 105.2 percent.

In its report, IEMR predicts the largest growth in mobile payments will be in North America, with an expected CAGR of 106.4 percent and more than $260 billion in mobile transactions in 2015, and South and Central America, with a predicted CAGR of 109.6 percent and $49.1 billion in mobile transactions.

An overview of the report is available at IE Market Research's site.

For more stories like this, please visit our Trends/Statistics research center.