Mobile payments set to explode

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Juniper Research figures show the number of people using mobile payment technology is set to reach 2.5 billion by 2015

The number of people making mobile payments for digital goods is set to increase by 40 per cent to 2.5 billion by 2015, new figures show.

According to Juniper Research, demand for things like mobile transport and entertainment tickets are most likely to be the major drivers of this growth.

Speaking about the findings Juniper research senior analyst David Snow said that although growth in the mobile payments sector would be strong it needed additional platforms from which to expand further.

“Whilst the mobile payments sector offers substantial growth opportunities, it needs to be seen by innovative players as a platform from which to develop new value added applications and services such as personalised mobile coupons, loyalty schemes, and novel augmented reality offerings,” Snow said.

But Juniper also warned about the increasing risk of security attacks on certain types of mobile payments such as premium SMS (PSMS) and direct billing especially where fraudulent activity would grow.

The research showed that the major growth areas for mobile payment would be in the Far East which will account for about 30 per cent of all mobile payments in 2015.

The Indian Sub-Continent is expected to exceed 400 million by the same year.

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