A report from Gartner projects mobile payments this year will reach a massive $171.5 billion on a global basis. Last year mobile payments were roughly $106 billion according to the firm.
The definition of “mobile payments’ being used by the firm is extremely expansive. Hence the large number.
Gartner said that it expects “Web/WAP access to account for about 88 percent of total transactions in North America and about 80 percent in Western Europe by 2016. Near Field Communication (NFC) transactions will remain relatively low through 2015, although growth will start to pick up from 2016.” If that’s right it spells trouble for Google’s NFC-based Wallet, which has been struggling for consumer adoption.
Under the “mobile payments” heading, Gartner’s forecast includes a range of transaction types that are distinct. It includes “m-commerce,” mobile bill paying, SMS money transfers and mobile wallet-type in-store transactions.