Worldwide mobile payment users will exceed 500 million in 2010 and cross one billion by 2014, at a CAGR of 20.5%, while m-payment will reach $1 trillion transaction mark, according to a report from IE Market Research (IEMR).
Nizar Assanie, vice president (Research) at IEMR, said: "Mobile payment and m-commerce is definitely the next frontier of contactless payments across the world. In 2010 alone, we are forecasting that mobile payment users will exceed 500 million, and this number is set to grow at a CAGR of 20.5% to reach over 1 billion users in 2014.
"IEMR’s usage surveys consistently show that mobile payment systems are getting traction among consumers globally and we believe that m-payments will reach the 1 billion users / $1 trillion transaction mark in the next five years. This would indeed be a milestone for this fast-growing mobile vertical."
The company projected that mobile payment transactions to increase at a CAGR of 94.8% globally, digital purchases to increase at a CAGR of 120.3%, and ticketing to increase at a CAGR of 138.3%.
