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Mobile Payment Transactions to Reach $300-Billion Annually by 2013

7:05 am on July 24, 2008 | Category: Business, Web Services, Wireless

Payments made using mobile phones to purchase digital (music, tickets, games, etc.) and physical goods will grow more than fivefold to exceed $300 billion by the year 2013, according to a region-by-region analysis by Juniper Research.

Juniper published a report explaining how the mobile phone is developing into a powerful payment tool that will be used by millions of consumers around the globe within the next few years. Researchers say that there is an immediate opportunity for significant profit in mobile payment services, systems, software, and supporting services to underpin the growth of this emerging payment option.

“Merchants in North America and Western Europe are just starting to realize the potential of a mobile web presence as a fourth channel to market,” explained Howard Wilcox, author of the Juniper report. “Retailers should be evaluating the benefits of the mobile web, and be mindful of the success of regular e-commerce sites in generating sales. They 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.”

Western Europe and a number of Asia-Pacific countries (the “Far East”) will represent more than 60% of mobile transaction value by 2013, according to Juniper. Tickets for rail, air, and bus travel, as well as entertainment and sporting events are expected to become a major category of mobile purchases, representing 40% of the global transaction value within five years.

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