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Mobile Payments Grows Worldwide, But Business Issues Remain


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Many consumers don't know what near-field communication is, but the services the technology enables are becoming quite popular. That puts an onus on mobile payments projects that use NFC to move beyond disputes over revenue and other issues.

"At present the consumer is not looking that far ahead, but once the initial services are established, that will be the next thing the consumer will start demanding — mobile banking/payment ubiquity," says David Snow, a senior analyst at Juniper Research.

A new report from Juniper says the total value of mobile payments for digital and physical goods, money transfers and NFC transactions will reach $670 billion by 2015, up from $240 billion in 2001. The company says all three segments will grow by at least 200% over that time frame, driven by the rapid adoption of global ticketing, NFC contactless payments, physical goods purchases and money transfers.

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