Mobile payment market to reach 400 million users by 2016
16 January, 2013
category: NFC
A report from yStats.com reveals that the number of mobile payment users is poised for a significant increase in the coming years, with total global user base to reach 400 million by 2016.
In 2012, the global mobile payments landscape grew by an astonishing 70% with emerging markets like China leading the charge. China set the bar high as more than 60% of all Chinese consumers made at least one mobile payment in 2012.
China’s example has been dually noted as India and South Africa begin to follow suit. It’s the North and Latin American markets, however, that are in a position for a significant change.
According to yStats’ findings, the total value of American mobile payments is expected to increase by better than 100% over the next few years. Canada is joining the party as well — despite the fact that mobile payments are not yet commonplace in the country — as banks and carriers are beginning to introduce mobile payment solutions.
Mobile payment adoption was also tough sell across the pond in 2012 with Europe’s largest markets expressing skepticism.
The yStats report reveals that the most popular mobile payment method in Europe in 2012 were card payments or “micro payments,” which can be used to pay smaller amounts for apps and payment on invoices.
Despite the increasing number of European countries joining the mobile payments landscape, China remains one of the largest drivers of the technology.
In 2012, Japan reported more than 200 million mobile contactless payments and the number of mobile payment users in China is projected to reach nearly 400 million by 2014.
Highlights of the report:
- Total mobile payment users worldwide is projected to keep increasing, to reach more than 400 million in 2016.
*In 2012, less than 30% of smartphone and tablet owners in the U.S. were using their device for mobile purchases. - The most used mobile payment methods amongst mobile shoppers in Europe were card-based, followed by micro-payments and invoice.
- In Japan, a total of more than 200 million monthly mobile contactless payments were conducted in 2012.
- Citing easy accessibility, mobile payment solutions have gained popularity in Africa, facilitating the growth in B2C E-Commerce, as of 2012.
