A recently released report by Juniper Research has predicted that the number of payments, being made by people through mobile phones are on the rise.
The report forecasts that by the end of 2011, 1.8 billion people will use the mobile to make payments for purchases of various kinds. By 2015, this figure is expected to go up to 2.5 billion, which is a growth of 40%.
The sectors that would be responsible for a large part of this growth will be mobile ticketing for transport and entertainment. Other physical goods will also be available through mobile payments.
Among the popular digital goods that can be purchased through mobile payments, will be ringtones and games. The price of these goods would range from as little as a few cents to $20.
A large chunk of this growth is expected to come through China and India. China and the Far East will account for 29% of all users, while the Indian Subcontinent will account for 17% of the growth and will cross 400 million users.
Total revenues generated through mobile payments are expected to touch $400 billion by 2015. The Far East and China are expected to contribute about 25% of this share, while America will be the largest contributor with 35% share.
The players in the field of mobile payments will need to be up to date on the latest market trends, and offer users new opportunities in the form of personalised mobile coupons, loyalty schemes, and novel augmented reality offerings.
On the off-side to this good news, the report also warns of a high possibility of fraud occurring due to mobile payments. This is especially likely in case of PSMS and direct billing facilities. The participants of these schemes must pay attention to mobile security, in order to avoid such frauds.