IDC: Global Mobile Payments to Reach US$1 Trillion by 2017

IDC: Global Mobile Payments to Reach US$1 Trillion by 2017

According to Mashable, market research firm IDC estimates that global mobile transactions (made from mobile devices) will reach US$1 trillion by the year 2017. This estimation is largely based on the fact that mobile payment technology is becoming increasingly common.

The research firm predicted the majority of these transactions will be made primarily through mobile versions of online stores. Of these transactions, analysts at IDC also indicated that much of it will comprise of near-field communication (NFC) payments.

The growing prevalence of smartphones is enabling a variety of mobile payment methods, which combined are becoming a significant share of global commerce,” said Aaron McPherson, IDC's Practice Director of Worldwide Payment Strategies, in a statement. We expect growth rates to continue to accelerate as consumers and retailers become more comfortable with the technology.

IDC also pointed out that the US$1 trillion is but a fraction (2.5%) of total global payments that could be done via mobile devices. That's provided all the major players in the mobile payments industry, including financial institutions, telecoms  and retailers, agree on mobile communication standards.

Disagreements between the big players may result in slower mobile payments growth, and consequentially, adoption rate as well.

Source: Mashable