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Mobile Payments to Reach $1 Trillion By 2017

A new study entitled "Technology Selection: Worldwide Mobile Payments 2012-2017 Forecast" has found that worldwide mobile payments are expected to exceed $1 trillion by 2017.

Conducted by analytical research agency, IDC Financial Insights, research showed that global consumer and business spending is set to rise thanks to mobile commerce - with the report citing purchases of physical and digital products as well as direct fund transfers as contributing factors towards this number.

"The growing prevalence of smartphones is enabling a variety of mobile payment methods, which combined are becoming a significant share of global commerce," explained Aaron McPherson, practice director of worldwide payment strategies at IDC. "We expect growth rates to continue to accelerate as consumers and retailers become more comfortable with the technology."

Runner up to mobile commerce will be proximity payments, which is carried out by using Near Field Communication (NFC) by a merchant's point-of-sale (POS) terminal; whilst person-to-person (P2P) fund transfers will come third due to an absence of proper guidelines for the sending of money across borders via mobile devices.

Despite the staggering trillion dollar figure, McPherson was quick to point out that the total mobile payments sector will only account for a small amount of just 2.5 per cent. However, this may be subject to change should various financial establishments and retailers adopt this trend.

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