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Mobile Payment Transactions to Rise to $1.13 Trillion in 2014
This study assesses mobile payment transactions by technology such as NFC, SMS, WAP, and USSD.
The report covers annual forecasts of mobile payment users, mobile payment transactions by technology (NFC, SMS, WAP, USSD), and mobile payment transactions by type of purchase (merchandise, digital products, ticketing, mobile money transfers, bill payments, and pre-paid top-ups).
Mobile payments continued its stellar growth in 2009 with the total number of users increasing to 351.4 million.
Globally, IE Market Research Corp. expects the number of mobile payment users to rise to 1.06 billion in 2014 for a CAGR of 20.5%. On the transaction value side, the gross value of mobile payments transactions was $37.4 billion in 2009. IE Market Research Corp. expects mainstream take-up of mobile payments to happen in the 2011 - 2013 time-frame. The forecast is that in 2014, the gross value of mobile payment transactions will reach $1.13 trillion.
SMS accounted for 76.4% of mobile payment transactions in 2009. This is expected to decline to 58.7% in 2014. Ease of use, ubiquity, and minimal network investments means that SMS will continue to be the transaction technology of choice for mobile operators and users.
Globally, SMS will continue to dominate how customers pay with their mobile devices. Three-quarters of all mobile payments happened through SMS in 2009. IE Market Research Corp. expects the relative share of SMS mobile transactions to decline to 58.7% in 2014.
SMS is the most often used technology because of its ease of use and ubiquity. The major advantage of SMS is that it does not require investments in mobile networks or user devices and can be implemented in a short period of time.
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