Major Growth Forecast in Mobile Payment Transactions

Major Growth Forecast in Mobile Payment TransactionsIt seems the contemporary growth in popularity of mobile payment transactions is just getting started.

According to a new report from MarketResearch.com, the prospect for growth in the future of mobile payment transactions is enormous.

The report and subsequent analysis in question is dubbed ”Mobile Payment – Advanced Technologies (NFC), Strategies And Future Of Remote & Proximity Payment In The U.S.” Based on the findings and forecasts, mobile payment transactions in the U.S. could reach $56.7B in 2015, growing at a CAGR of 49.19%. The share of U.S in 2015 will reach approximately 10.6% of the global mobile payment transaction.

This spike represents a significant elevation over the $5.2 billion in mobile payment transactions documented in 2009.

Another fascinating tidbit presented is that the market for NFC (Near Field Communication) mobile payments in the U.S. is “in the nascent stage” with an adoption rate of only 1.7%. “This represents a huge opportunity for early movers offering the same,” the reports suggests.

As many suspect, adopting NFC mobile payment will open new revenue channels for banks as well as mobile operators as more than 94% of the U.S. population owns a mobile phone, and 60% of these have a card slot in their mobile phone.

“With the help of NFC technology, banks will be able to tap micro transactions made by cash, representing around 20% of the total transactions in the U.S. This will also help banks to capture the growing GEN Y population as well as the huge underbanked and unbanked population.”

 

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