A recent report by Gartner they predict that the global market for mobile payments will triple from 2014 to 2017, from $235B to $720B worth of transactions.
Gartner says it’s more than 200 mobile wallet systems in the world, most of them are to be found in Asia, Africa and the Middle East.
It’s all about need and Gartner says that the Western countries with their variety of payment options, will begin use mobile payment “in mass” only when it offers significant advantage over existing payment methods.
Comment: I’ve said it before, for mobile payments to really lift off, the basis is that it has to be as easy to use, as fast, as secure and not priced higher than cards. To get faster consumer adoption, the inclusion of mVAS (mobile Value Added Services) and this in a “smart” and for the consumer attractive format, will speed up the adoption and not to forget usage. For example “one tap pay”, that includes the payment and the use of coupons/offers/gift cards and loyalty will help, and where the transaction ends with a digital receipt that is always reachable from the mobile or the web.
Read the Gartner summary here.