Mobile payments will exceed half a trillion dollars worldwide
Wednesday, April 30, 2014
The value of global payments via mobile devices will reach around $507 billion this year, a rise of nearly 40% year-on-year, according to Juniper Research.
Its report finds that growth would continue to be driven by purchases of physical goods via mobile devices. Average transaction sizes over tablets are already exceeding those via desktop PCs in many markets. It also observes that while spend via smartphones was increasing sharply, their primary function in retail was as search and discovery devices with the final purchase being made on the tablet.
Meanwhile, it argues that the scale of digital transactions was receiving a significant boost through the adoption of mobile ticketing applications, with metro and transit authorities in Europe and North America that have already deployed services, experiencing high levels of adoption.