Earlier this month we created this Mobile Money Landscape diagram – a who’s who of the companies that are booting up the mobile money ecosystem.
Take a closer look at the statistics below which we’ve picked out to illustrate how mobile money is pushing out in every direction, bringing mobile service providers in to direct and collaborative relationships with regulators, banks, and retailers, creating a powerful mix of companies that are all committed to making a secure and sustainable future.
Understanding how mobile money is taking shape in growth and established economies will also be addressed at MEF Global Forum (#MEFGF14) in San Francisco this week (November 17th – 19th) with speakers from firms including Barclays, Mahindra Comviva, Personal Capital as well as FinTech start-ups PayNearMe and InStore.
1. NFC or other contactless technology in the US will be accessed by 15.9 million US users growing to 36.2 million by 2016 and 57 million by 2018.
2. NFC globally will hit $16.25 billion by 2022.
3. PayPal is still way ahead of the digital wallet competition in the increasingly crowded mobile payments market. 79% of online consumers in the US have used Paypal against its nearest rival, Google Wallet at 40%.
4. The Starbucks app is the most successful mobile payments system in the US while many mobile payment apps like Google Wallet have struggled to gain traction with consumers. The Starbucks mobile payments app stands out with 6 million average weekly transactions accounting for a full 15% of transactions made at the US Starbucks-operated stores.
5. According to the GSMA’s study on Mobile for Development there are currently (October 2014) 246 live and 115 planned mobile money deployments for the unbanked.
6. Meanwhile Direct Operator Billing (AKA Direct Carrier Billing) will provide mobile operators worldwide with more than $12 billion in revenue in 2022.
7. Digital payments are expected to rise to $4.7 trillion by 2019, nearly doubling the 2014 forecast ($2.5 trillion). The largest portion of these sales will come through mobile devices.
8. According to Pulse Mobile, Direct Operator Billing is expected to reach $7 billion by 2015, up from $1.6 billion in 2013 and growing at a rate of 46% per year.
9. Global mobile payment transaction volume is forecast to reach $721.4 bn by 2017.
10. By 2016 mobile payment users globally will have increased from 323.6 million in 2014 to 447.9 million:
11. According to Juniper there will be over 1 billion mobile coupon users by 2019 driven by NFC and Blue Tooth Low Energy Beacons.
12. Mobile payments to get bulk of $110B investment in payment tech, says Frost.
13. Mobile payments volume will grow 60.8% from 29.2 billion transactions in 2014 to 47 billion in 2015 according to the 10th annual World Payments Report from Capgemini and Royal Bank of Scotland. Online transactions are still rising but its mobile-based purchases that are powering this growth.
14. 28% of people who abandon an online purchase do so because the website does not offer their preferred method of payment, according to digital payments company Skrill. That figure rises to nearly a third (32%) of 18-24 year olds failing to convert into paying customers at the last hurdle.
15. In-store payments are beginning to gain traction in the world’s most developed markets yet the percentage of overall mobile commerce executed via a mobile phone that are proximity based is single digits. Three of the highest, on a per capita basis, are: Australia (US$22); the U.S. (US$16); and the U.K. (US$12).