A new study by Juniper Research reveals that by 2017, global mobile payment transactions will rise to nearly €8M. This tremendous growth is driven primarily by the sales of physical goods via remote purchases and NFC. It is important to point out that while mobile devices have become an enabler of transactions these are used primarily as a means of product discovery and as a tool to enhance customer retention. Physical good sales conducted via mobile phones will account for only 4 percent of global retail transactions.
The study also concludes that Africa and other emerging nations are becoming a major force in the mobile money payment space. For example, mobile money license issuance and eCommerce web payments in Nigeria will constitute 54 percent of the total value of global mobile payments by 2017. In the month of January alone, 14 mobile payment operators in Nigeria recorded a total of 35,971 transactions valued at 227.92 million naira (US$1.4 million).
Total Mobile Payment Market ($M) split by 8 regions 2012 to 2017
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