Global â€“ Worldwide mobile transactions are tipped to hit US$171.5 billion in 2012, a 62% jump on 2011, and the numbers are only expected to soar in the next few years.
A Gartner report shows that the number of mobile payment users will hit 212.2 million this year, a major step up from 160 million last year.
Gartner said Asia Pacific tops all regions in the number of users, followed by Africa. Both regions will account for more than 60% of the global mobile payments volume by 2016.
The report also warns that technology providers will need to provide customised solutions for local markets.
Sandy Shen, research director at Garner, said the increase in mobile transactions will bring new opportunities for service and solution providers.
“We expect global mobile transaction value and value to average 42% annual growth between 2011 and 2015, and we are forecasting a market worth US$617 billion with 448 million users by 2016,” she said.
SMS remains the dominant access technology in developing markets, such as South Asia and Africa, while Web/WAP is taking on North America and Western Europe.
Near Field Communication (NFC) transactions will continue to be at low levels, but is expected to pick up from 2016.
“NFC payment involves a change in user behaviour and requires collaboration among stakeholders – that includes banks, mobile carriers, card networks and merchants,” she said.