IDC Financial Insights releases Worldwide Mobile Payments report

Purchasing of mobile devices to top £1billion

IDC Financial Insights has released its report, ‘Technology Selection: Worldwide Mobile Payments 2012-2017 Forecast’ (view press release). The report represents a worldwide forecast of consumer and business spending over mobile networks from 2012 to 2017, and predicts that worldwide purchase volume of mobile devices will exceed USD 1 trillion. This will mostly be in the form of mobile commerce. NFC payments are still limited, but rapid growth is expected to be driven by handset and POS terminal upgrades. The forecast is large in dollar terms, but tiny in regard to the total amount worldwide that is theoretically addressable by mobile payments. 

Key highlights of the report include: most of the dollar volume will be in the form of e-commerce spending over mobile devices; proximity payments will become the second-largest category of mobile payments spending; P2P fund transfers will be a distant third due to a lack of common standards and a lack of locations for adding cash and withdrawing cash from the system. 

Related reading

Leave a comment