Payment technology

Report: Mobile payments increase in popularity around the world

220px-IPhone_keyboard_unblurredA recent report from yStats.com, a market research company based in Germany, indicates that the use of mobile devices to make purchases continues to rise in popularity around the world.

Less than 25 percent of mobile internet users surveyed this year said they use mobile payments, but nearly one-third of those not using mobile payments expect to do so next year.

Mobile payments are expected to reach more than $207 billion this year and to reach double-digit growth over the next four years. While estimates for NFC payments have been reduced as a result of slower-than-expected adoption, growth rates are expected to rise significantly after 2016.

In North America, mobile payments are expected to rise 50 percent from 2012 to reach $41.4 billion this year, despite a slowdown in mobile POS payments. In Canada, mobile banking is used by one-third of smartphone users.

In Latin America, mobile payment adoption has been driven by increased penetration of smartphones, and the industry has shown potential for growth. Over 10 percent of Argentinian internet users reported using mobile banking, and less than 10 percent reported using a mobile wallet. In Mexico, the number of consumers who would prefer to pay using mobile methods over traditional payment methods if given the choice is among the highest in the world.

Mobile payments are also expected to increase in use in the U.K. and Eastern Europe. In Asia, more consumers are aware of mobile payment options, and in Africa, mobile payment market growth has exceeded the growth of banking services.

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