A study by Juniper Research has found that the total value of the mobile payments market – including payments for digital and physical goods, money transfers and NFC – is set to triple by 2015. 

The company says the value of these transactions will reach $670bn (£416bn), up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.

The report, called Mobile Payment Strategies, revealed all segments of the mobile payments market will grow by two or three times over the next five years. The company says the growth will come from growth in mobile ticketing, NFC contactless payments, physical goods purchases, and money transfers in both the developed and developing world. 

Juniper expects 20 countries to launch NFC services in the next 18 months, resulting in transactions approaching $50bn worldwide by 2014. The need for financial access in developing countries will also drive the use of mobile solutions.

Juniper senior analyst David Snow says: “Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments.”

The company says that digital mobile payments will account for nearly 40 per cent of the market by 2015, with the Far East and China, Western Europe and North America originating 75 per cent of transactions. 

Mobile Payment Strategies: Opportunities & Markets 2011-2015 is free to download from the Juniper Research website.