Mobile Payments Market: $670 billion in 2015

The total value of mobile payments for digital and physical goods, money transfers and near field communications transactions will reach $670 billion by 2015, up from $240 billion this year, according to Juniper Research. Digital goods payments will account for nearly 40 percent of the market in 2015.

The 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.

Some 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014. Meanwhile the need for financial access in developing countries is such that active mobile money users will double by 2013, Juniper Research estimates.

Mobile Payments Market to Almost Triple in Value by 2015 Reaching $670bn, According to New Juniper Report