Mobile payment transactions are set for rapid growth, research claims.

Global mobile payment transactions, such as ordering a parcel delivery from eBay, are likely to hit the 500 million mark by the end of the year, research has claimed.

According to a new report from IE Market Research (IEMR), the number of mobile payments - any purchase, bill payment or transfer of funds carried out on mobile devices such as smartphones - is expected to exceed one billion by 2014.

By this date the values of these m-commerce transactions will be valued at over $1 trillion (£660 billion) globally.

IEMR vice president of research Nizar Assanie commented: "Mobile payment and m-commerce is definitely the next frontier of contactless payments across the world."

He added that figures for the next five years represent a "milestone" in the contactless payment industry.

Predictions of mobile payment users, mobile transactions by technology and mobile transactions by types of purchase are all covered by the IEMR Global Mobile Payment Market Forecast.

eBay currently offers a range of free apps for iPhones to make mobile payments quicker and easier.

Posted by Matt Watts


Article Added: 22/07/2010 14:34:07