SUNNYVALE, Calif. ? Mobile payments will soon reach the trillion-dollar mark. New projections from Juniper Research forecast payments processed via cell phones will reach $1.3 trillion by 2017, Mobile Marketing Daily reports.
?Mobile Payments Strategies: NFC, Remote Purchases & Money Transfers 2012-2017? found that the growth in mobile payments will accelerate quickly in the marketplace. Projects like Isis, the Starbucks? and Square venture, and Merchant Customer Exchange have given mobile payments a boost.
Physical goods are the biggest supply of revenue growth, with more than half of all cell phone purchase by 2017 being made to buy tangible products. Despite the projected increase, Juniper estimates only 4% of purchase will be made with a mobile device within five years.
The arrival of NFC (near field communications) might change that, but consumers and retailers have generally shown little interest in the contactless payment system. ?While we are now seeing significant deployments of contactless infrastructure, consumer awareness is extremely low,? said Windsor Holden, author of the report. ?Thus it is imperative for all members of the NFC value chain to engage with the public to heighten its profile as a simple, intuitive payment mechanism.?