Mobile Payments Could Grow, But Not The Way You Think

What's Next In Payments®
4:52 PM EDT May 29th, 2012

New research suggests mobile payments could exceed $171 billion in 2012, with an estimated 212.2 million people using their phones to pay for purchases. That total would represent more than 60 percent growth over aggregate mobile spending in 2011.

By 2016, the mobile payment market could reach $617 billion and 448 million users, Gartner estimates.

But even as mobile takes off, the research group is skeptical of the future of NFC as it relates to payments. “NFC payment involves a change in user behavior and requires collaboration among stakeholders that includes banks, mobile carriers, card networks and merchants,” says Gartner’s Sandy Shen. “It takes time for both to happen, so we don’t expect NFC payments to come into the mass market before 2015.”

In Shen’s view, it won’t be retail payments, but rather ticketing and transit that drives the growth of NFC use over the next few years.

Read the full story here.

Comments
Also by This Author
What's Hot
Merchant Innovation
Apple’s New Retail Chief To Start Next Week
Merchant Innovation
Prime Pantry Lets Amazon Customers Ship Groceries For a Flat Fee
Mobile Commerce
800 Million iTunes Accounts … And Then What?
Company Spotlight
Court Dismisses 3 Card Issuers From Decade-Old Arbitration Case
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Merchant Innovation
Apple’s New Retail Chief To Start Next Week
Merchant Innovation
Prime Pantry Lets Amazon Customers Ship Groceries For a Flat Fee
International
What Can $698M Do To Innovate African Entrepreneurship?
B2B Payments
How Digital and Data Will Transform Corporate Travel
View All Articles ››