Mobile Payments to Hit $500 Billion This Year
Mobile payments will generate $507 billion in global revenue this year for a year-over-year gain of nearly 40 percent, according to a Juniper Research report. Tablet computers’ growing popularity is a key contributor to the increase in mobile spending, with tablets accounting for about 50 percent of all online traffic on Christmas Day 2013. Juniper also estimates that recent average transaction prices on tablets surpass those on desktop PCs in specific sectors. In addition, the increasing adoption of contactless mobile payment solutions by the emergence and proliferation of cloud-based products is boosting the use of mobile payment, according to Juniper. Sales of point-of-sale devices equipped with built-in contactless payment capabilities should aid adoption as well. “The prevalent business models for NFC have been unattractive to banks and left them dependent on multiple network operators, each of which may have its own approach to mobile wallet management,” notes Juniper’s Windsor Holden. “HCE [Host Card Emulation] solutions have the potential to revitalize a market which has struggled to gain traction.”
From “Mobile Payments to Hit $500 Billion This Year”
WebProNews (04/08/14) Patterson, Sean