Reportlinker releases new online, mobile payments report

Reportlinker.com recently announced the availability of its new market research report called the Future of Online and Mobile Payments. The new study includes a global outlook of mobile and online payments by market size, geographical breakdown, industry evolution, key drivers, challenges and major influences. Furthermore, the report includes the future of digital payment methods.

According to Business Insights, the alternate payments industry of contactless, mobile and online segments is projected to increase at an annual compound growth rate of 17.6 percent from 2010 to 2015. During this time, revenues are expected to grow from $740 billion to $2.7 trillion. Of the three payment areas included in the projection, the main driver of revenue will be the online market.

"The various industry drivers include increasing internet penetration rates, increasing fixed and mobile broadband subscriptions, ecommerce volumes, smartphone shipments and smartphone penetration rates," said Reportlinker in a press release. "The over-riding consumer meta-theme for the industry is going to be convergence - whether of devices, technologies or value chains. Due to this, NFC will emerge as the de facto industry standard for conducting mobile payment transactions within the next couple of years."

With near field communication, companies are already developing ways consumers can pay with their mobile devices. Earlier this month, PayPal demonstrated its wireless NFC system for the Android-operated Samsung Nexus S smartphone, which lets users make payments by touching two devices together. According to Laura Chambers, senior director for PayPal Mobile, the feature will be released in late summer and will allow people to make transactions with employees and colleagues easier.

While the Reportlinker.com study expects NFC to be the industry standard in the future, only 50 million NFC-enabled devices were in use last year. This amount nearly doubled in 2011 to 93.2 million and, according to research by IHS iSuplli, the number is projected to reach 550 million by 2015, opening new opportunities for companies offering the service.

As more consumers adopt smartphones and other mobile devices to make online purchases, these types of transactions may be more secure than traditional methods. According to Kolja Reiss, managing director for mopay, many websites require credit card, address, phone number, Social Security and bank account information, while mobile payments request far less data . Since less information is needed, third-parties are not as likely to target or access the sensitive data.