A new Juniper Research’s report called “Mobile Payment Markets: Digital & Physical Goods 2008 – 2013” forecasts that the gross transaction value of payments made via mobile phone for digital goods and physical goods will exceed $300 billion within next 5 years.
Juniper found that there is a significant and immediate opportunity for mobile payment services, systems, software and supporting services to underpin the processing of this value of payment transactions by 2013.
According to report author Howard Wilcox, merchants in North America and Western Europe are just starting to realise the potential of a mobile web presence as a fourth channel to market. “Retailers should be evaluating the benefits of the mobile web, and be mindful of the success of regular e-commerce sites in generating sales. They need to move quickly to exploit the opportunity presented, and ensure that they maintain ease of use for their customers who are already familiar with web shopping from their PCs,” he added.
Highlights from the report include:
- Global annual gross transaction value will grow over 5 times by 2013.
- The ticketing segment will be driven by consumer usage on rail, air and bus networks as well as sports and entertainment events, representing over 40% of the global transaction value by 2013.
- The top 2 regions, Far East and Western Europe, will represent over 60% of the $300 billion per annum global mobile payment gross transaction value by 2013 for digital and physical goods.
- While Western Europe is currently dominated by digital goods and services sold via SMS, Far East and China region (specifically Japan) is already well established in physical goods sales over the mobile web.
As always, more information about Juniper’s report is available on their website.