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Mobile payments projected to reach $670B market by 2015

Considering how frequent new projections come out for the mobile payments space, at least one conclusion can be drawn: expectations for mobile finance is high. The latest study from Juniper Research predicts the total value of mobile payments will reach $670 billion by 2015.
Marking a 64% jump from the total value of the mobile payments this year, the firm expects every market segment to experience a two- to three-times growth rate over the next five years. Tickets, near field communication, purchases and money transfers are expected to be the biggest drivers of this growth.
“Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments,” said senior analyst David Snow.
The Far East, China, Western Europe and North America will comprise 75% of the global mobile payment gross transaction value by 2015, according to the report. Digital goods payments will account for nearly 40% of the market by that time as well.

ABOUT AUTHOR

Matt Kapko
Former Feature writer for RCR Wireless NewsCurrently writing for CIOhttp://www.CIO.com/ Matt Kapko specializes in the convergence of social media, mobility, digital marketing and technology. As a senior writer at CIO.com, Matt covers social media and enterprise collaboration. Matt is a former editor and reporter for ClickZ, RCR Wireless News, paidContent and mocoNews, iMedia Connection, Bay City News Service, the Half Moon Bay Review, and several other Web and print publications. Matt lives in a nearly century-old craftsman in Long Beach, Calif. He enjoys traveling and hitting the road with his wife, going to shows, rooting for the 49ers, gardening and reading.

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