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Predicted Rapid Growth In Mobile Payments

Predicted Rapid Growth In Mobile Payments

The Advanced Payments Report 2011 sponsored by MasterCard is predicting that there will be huge market growth worldwide in the next five years and will be in the field of “advanced payments” which covers online, mobile, and contactless payments. The report predicts that mobile phones are central to the increase.

The Advanced Payments Report reviews the global payments industry and covers discussions with over 600 industry experts and executives. It looks to the future and identifies potential growth opportunities. It has indicated that worldwide, the greatest growth in the payments industry will come from “advanced payments.”

The report indicates that the mobile payments market will experience the largest global growth with the potential to reach up to $680 billion. Despite the expected boom, there are also concerns that a lack of support from banks and mobile network operators may hinder the progress of mobile payments.

Chief Emerging Payments Officer for MasterCard Worldwide, Ed McLaughlin is quoted as saying that The Advanced Payments Report demonstrates that “mobile phones are at the center of a fundamental shift in consumer’s everyday lives.” He insists that MasterCard is committed to working with consumers, banks, and mobile phone networks in order to develop advanced payment methods which meet the needs of consumers.

The contactless payments market will also see an increase in the next five years, with that area of the industry becoming worth in excess of $320 billion, despite potential obstacles standing in the way. Edgar, Dunn, & Company, who launched the report in partnership with Payment Card & Mobile Magazine, believe that the lack of point of sale terminals will turn people off of the idea of contactless payments.

A stakeholder opinion survey identifies the need to ease customers concerns over potential security risks posed by contactless payment. Samee Zafar, director of Edgar, Dunn, & Company, believes that “robust and secure mobile payment technologies are widely available.” He also suggests that “What is now required is for credit card payments services providers to develop advanced payment products that can be effective and successful in the marketplace.”

The report also predicts that internet and online payments will double in the next five years after seeing continued growth across the global payments market. The global market size is expected to reach over $2000 billion by 2016. The Advanced Payments Report 2011 makes interesting reading and offers valuable insight into what appears to be a rapidly growing market.

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