Mobile payments for digital and physical goods are set to reach almost $630 billion by 2014 according to a report by Juniper Research.
In its Mobile Payments, Strategies and Forecasts 2010 to 2014 research, the company said this figure is up from the $170 billion this year, expected to be generated by NFC (Near Field Communications) transactions.
According to the report, the growth is due to the huge consumer adoption of Smartphones and the increased use of apps stores.
SMS ticketing schemes and shopping by mobile at stores such as Amazon Mobile are also tipped for significant expansion over the next five years. In developing markets SMS driven money transfer services are the main driver, increasing at a rate of 30 percent per annum.
The top three regions for mobile payments, which are the Far East & China, Western Europe and North America, will represent nearly 70 percent of the global mobile payment gross transaction value by 2014.
Report author Howard Wilcox said: “Our analysis showed that whilst the digital goods segment will account for nearly half of the market in 2010, the emerging segments such as physical goods payments, NFC and money transfers will impact the market rapidly. By 2014 for example we forecast that physical goods mobile payments market will be worth $100 billion.”