Mobile Payments Market Set to Deliver 150% Growth in 2015
Monday, July 20, 2015
A new report from Juniper Research has found that the number of mobile money transfers is expected to increase by nearly 150% in 2015 to more than 13bn, with several social media firms already seeing a dramatic rise in service usage.
The new research, Mobile Money Transfer & Remittances: Domestic & International Markets 2015-2020 observed that with US social payment service Venmo now experiencing traffic worth nearly $1 billion per quarter, leading social media companies were now introducing their own services.
Snapchat has partnered with Square to deliver a P2P offering, while Facebook launched a US-wide service last month.
Meanwhile, the research found that in China, both WeChat and Alipay saw astonishing spikes in P2P (Person to Person) traffic during February 2015.
This was the result of result of ‘red envelope’ P2P gifting activity when WeChat users engaged in more than 3.3 billion P2P transactions in just 6 days over the Chinese New Year period.