Mobile payments predicted to boom

29th May 2009

The number of mobile payment users is set to skyrocket throughout 2009, it has been predicted.

According to Gartner, the number of people using mobile devices as a payment option will increase by 70 per cent.

The firm's projections would see some 73.4 million people using their devices for this purpose.

Looking to the future, Gartner predicts that this number will increase to 190 million by 2014, representing three per cent of total mobile phone users worldwide.

Sandy Shen, research director at Gartner, outlined the benefits of mobile payment services, explaining that they offers modern financial services to the non-banking population.

"For mobile operators, mobile payment can help attract and retain users and generate new revenue streams," Ms Shen said, going on to add that mobile payment is also an opportunity for financial institutions to reach new users.

However, she said that it would be at least three years before mobile phone payments enter the mainstream market.

Earlier this year, Gartner reported a decline in mobile phone sales, which dropped by 8.6 per cent in the first quarter of 2009.

 

Category: Mobile Web Applications

Other Mobile Web Applications Articles

Mobile Application development could improve 3D on Android
Mobile application development: Nexus One gets rave review
Android mobile application development could spread to netbooks and tablets
Positive review for HTC Desire could boost mobile application development
Expert predicts growth in Android applications market