Mobile Payment transactions to reach $670 Billion by 2015

July 5, 2011

According to a new study by Juniper Research, the value of NFC purchases or “near-field communications” will reach $670 billion by 2015 for mobile-sourced money transfers, and mobile payments for digital and physical goods.

That’s represents a shift upward from the $240 billion Juniper Research has predicted for the total value of mobile payments in 2011. Juniper finds that during the next 18 months, 20 countries will begin deploying NFC payment systems and services; transactions from those services will be in the ballpark of $50 billion by 2014.

The new Mobile Payments Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions.

Recently, Google announced its Google Wallet and Google Deals services in the U.S., and the search giant has large retail partners on board, including Citi, Subway, Mastercard, Sprint, Macys, and Walgreens. The Far East and China, Western Europe, and North America are the largest mobile payment regions, and those areas “will represent 75% of the global mobile payment gross transaction value by 2015,” the report said. Read on for the full release from Juniper Research.

READ MORE: Click here.