Payments using mobile handsets are expected to climb sharply between now and 2015, a new report states.
According to the study by Juniper Research, the market for such purchases is expected to almost triple over the period in question, to be worth $670 billion (£420 billion) in four years' time.
Mobile payments are expected to total $240 billion in 2011, with rising take-up of contactless near field communications (NFC) payments, money transfers and mobile ticketing expected to fuel the market.
“Emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015,” Juniper Research senior analyst David Snow predicted.
Individuals may be tempted to sell used phones after a further study by Juniper Research indicated mobile payment technology is increasingly being rolled out, enabling people to purchase goods with a chip that is inserted into handsets.
The method of payment is an alternative to cash or cards and the number of people buying goods or services via their mobiles is forecast to rise globally from 1.8 billion in 2011 to 2.5 billion by 2015.
Posted by Simon Thomas