Global mobile payments to top $171 bn: survey

May 29, 2012
A woman looks at her mobile phone in Hong Kong. Worldwide mobile payments are expected to top $171.5 billion in 2012, a 61.9 percent increase from 2011, a research report said Tuesday.

Worldwide mobile payments are expected to top $171.5 billion in 2012, a 61.9 percent increase from 2011, a research report said Tuesday.

The Gartner study said the number of people using will reach 212.2 million in 2012, up from 160.5 million in 2011.

"We expect global mobile transaction volume and value to average 42 percent annual growth between 2011 and 2016, and we are forecasting a market worth $617 billion with 448 million users by 2016," said Sandy Shen, research director at Gartner.

SMS remains the dominant access technology in developing markets, said. In North America and , the biggest payment method is using smartphones on a Web page, a system known as WAP (Wireless Application Protocol).

Another system known as Near Field Communication (NFC), in which a consumer uses a smartphone that is read by a scanning device, will start to pick up from 2016, according to the report.

"NFC payment involves a change in user behavior and requires collaboration among stakeholders that includes banks, , card networks and merchants," said Shen.

Explore further: Apple's fiscal 3Q earnings top analyst forecasts

add to favorites email to friend print save as pdf

Related Stories

Mobile phone data traffic 'to grow 10-fold by 2016'

Nov 07, 2011

As smart phones increasingly take over, mobile data traffic is surging, a study by Swedish telecom equipment maker Ericsson showed on Monday, saying such traffic is set to increase 10-fold over the next five ...

Mobile industry champions paying with phones

Mar 04, 2012

Paying with a mobile phone is gradually become a reality for consumers, with banks, telecommunications operators and Internet players all jumping in to offer payment options.

Nokia's mobile market share slips to 25%: Gartner

May 19, 2011

Nokia's share of the mobile phone market dropped to 25 percent in the first quarter of 2011, the lowest for 14 years, down from 30.6 percent at the same time last year, technology research group Gartner said ...

iPad, other tablets hit PC demand: Gartner

Mar 03, 2011

Apple's iPad and other Internet-connected media tablets are draining demand for laptops and notebook computers, research firm Gartner said Thursday, sharply lowering its worldwide PC forecast this year.

Recommended for you

Apple's fiscal 3Q earnings top analyst forecasts

9 hours ago

Apple's growth prospects are looking brighter as anticipation builds for the upcoming release of the next iPhone, a model that is expected to cater to consumers yearning for a bigger screen.

Verizon 2Q profit rises 93 percent

16 hours ago

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

Ex-Qualcomm exec pleads guilty to insider trading

Jul 21, 2014

A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

foolspoo
1 / 5 (1) May 29, 2012
Did not think people would be this comfortable this fast. Exciting, but no thank you!