Bank Systems & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


10:47 AM
Connect Directly

Mobile Payment Users Expected to Surpass 375 Million by 2015

Spotty global adoption of mobile payments to date has been due partly to lack of availability, notes research firm In-Stat.

Market intelligence firm In-Stat has projected that the number of mobile payment users globally will increase from 116 million in 2011 to 375 million in 2015.

"There appears to be consumer demand for mobile payments," says Amy Cravens, market analyst. "Consumers do recognize pain points with current payment systems and indicate support for a cleaner, easier alternative. If mobile operators are able to push beyond the infrastructural challenges and introduce these services to the mass market, the transactional value of the mobile payments market is positioned to grow nearly tenfold over the next several years."

The report aligns with a recent study of 1,085 U.S. consumers conducted by Mobio, which found that 94% would make a mobile payment if they thought it was secure. The Aite Group has estimated that mobile payment volume in the U.S. will reach $214 billion in 2015, up from just $16 billion in 2010.

Register for Bank Systems & Technology Newsletters
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.