$171.5bn in Mobile Payments This Year, says Gartner

The global value of mobile payment transactions will surpass $171.5bn in 2012, according to analyst firm Gartner. Thats an increase of 61.9 per cent from 2011 – and 51.7m new mobile payment users, to a total of 212.2m.

“We expect global mobile transaction volume and value to average 42 per cent annual growth between 2011 and 2016, and we are forecasting a market worth $617bn, with 448m million users by 2016,” says Sandy Shen, research director at Gartner. “This will bring opportunities for service and solution providers who will need to cater to the local demand patterns to customize their offerings.”

According to Gartner, web access will account for about 88 per cent of all transactions in North America, and about 80 per cent in Western Europe, by 2016. NFC transactions, meanwhile, will remain relatively low through 2015, but growth is forecast to start picking up from 2016.

MD of payment company paythru Keith Brown believes mobile payments need to be universally agnostic to become part of everyday life. “While Gartner’s prediction shows the growth of mobile payments, the industry is still fragmented,” says Brown. “For this technology to truly succeed, an industry-wide standard must be established and adhered to by all mobile payments providers. After all, mobile payments should seamlessly link between services, whether people use mobile apps, SMS or NFC to give the best user experience possible, rather than having to use different methods through different payment channels.”