The global mobile payments volume is set to increase in 2012 by approximately 70 percent. An example of this growing market is China. In the six months leading up to Q1 2012, more than 60 percent of all Chinese consumers made at least one mobile payment. India and South Africa are following China's example, a recent report has revealed.
According to the report, in the US, the total value of mobile payments is also expected to increase by a three digit percentage figure over the next few years. Even though in July 2012, mobile payment methods were not yet widespread in Canada, banks and companies are already starting to introduce such payment systems.
The report has also found that in Q3 2012, the most popular mobile payment methods in Europe were card payments, so-called micro payments, which can be used to pay smaller amounts for applications, and payment on invoice. In 2012, British consumers were still hesitant when it came to mobile payments. Fewer than 20 percent of all consumers in the UK reported wanting to use their mobile phones to make future payments. The majority are still concerned about safety. In April 2012, in Germany payments added to the mobile phone bill were quite popular. With direct carrier billing the charges for a product are paid directly to the consumer's mobile phone provider. French consumers were especially motivated to use mobile payments in 2012 in order to save on their purchases.
Furthermore, the study has shown that Italian consumers are enthusiastically embracing mobile payment methods. The Italian market for mobile payment methods is expected to grow annually by a three digit rate over the next few years. Additionally, the market is also growing in Spain where Spanish telecom company Telefonica Digital signed agreements with companies like Google in July 2012 to enable payments via phone bill.
Moreover, the report has revealed that in 2012, 56 million customers of OJSC VimpelCom, a wholly owned subsidiary of Russian mobile operator VimpelCom, have been given access to TOT Money, a mobile payment platform operated by US-based publisher of digital destinations and internet services provider Net Element. Forecasts for Eastern Europe predict a large increase in the mobile payment market until 2015.
At the beginning of 2012, the market for mobile payment methods was very fragmented in Sweden. Customers were able to choose from various technologies offered by different competitors. Danish consumers are very careful about entering credit card information. Approximately 40 percent of all Danish consumers wanted to re-enter their credit card details at every new purchase in the first quarter of 2012, while others preferred to save the information without having to enter it every time anew.
Finally, the report has found that the market for mobile payments continues to grow in Asia and Africa with the number of mobile payment users in China likely to reach almost 400 million by 2014. In 2012, Japan recorded more than 200 million mobile non-contact payments. Additionally, the volume of mobile payments in Kenya increased by approximately 60 percent between 2010 and 2011.
The report titled “Global Mobile Payment Methods 2012” was issued by Hamburg-based secondary market research company yStats.