M-payment transactions to hit USD 1 trillion by 2015

Industry set to boom

According to a study by Heavy Reading Global mobile payment transactions may generate USD 1 trillion by 2015. Furthermore, consumers who are already accustomed to paying bills and buying goods online are driving much of the move toward mobile payments. As we continue to witness the rise of mobile devices, it is only natural that consumers feel the desire to use those devices to make purchases, report authors believe.

New industry partnerships are expected to take place, in which billing providers, financial institutions and carriers team up to bring new services to the market. The study also forecasts that one of the biggest drivers over the next two years will be enabling mobile payments vendors and providers to enable targeted services to users, which will improve customer service.

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