Worldwide mobile payment transaction values are predicted to increase from $163.1 billion in 2012 to $235.4 billion in 2013, a 44 percent increase, according to research from Gartner Inc. The number of mobile payment users worldwide is estimated to increase from 200.8 million in 2012 to 245.2 million in 2013.
Money transfers and merchandise purchases will account for about 71 percent and 21 percent of total transaction value in 2013, respectively, making them by far the largest contributors, said Gartner. However, worldwide, consumers are spending less on mobile devices compared to online or retail shopping. Additionally, bill payments transactions are also expected to grow by 44% in 2013 and have consistent growth.
Also, Gartner said devices that use Near Field Communications (NFC) technology, which is technology that uses radio communication for secured contactless transactions, are struggling. The transaction value for devices that use NFC, such as Google Wallet or Isis, has been reduced over 40 percent.
Regionally, Asia/Pacific’s transaction value is projected to reach $74 billion. South Korea, Singapore, and other developing markets are expected to grow to $165 billion in 2016. Africa’s mobile payments transaction value is predicted to be $160 billion in 2016.
In North America, mobile transaction value will reach $37 billion, up from from $24 billion in 2012, a 53 percent increase, predicts Gartner.
Western Europe will see a rise from $19 billion in 2012 to $29 billion in 2013, according to Gartner.