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Report finds M-payments to represent 15% of global card transactions by 2013

Report finds M-payments to represent 15% of global card transactions by 2013
Friday September 23 2011

The report found the use of e-payments and m-payments is expanding, accounting for an estimated 22.5 billion transactions worldwide in 2010.

The World Payments Report 2011 examines the latest developments in the global payments landscape, including trends in payments volumes and instrument usage (such as cards and cheques), key payments-related regulatory initiatives and the strategic considerations and options for banks as a result.

Globally, cards remain the preferred non-cash payment instrument, with global transaction volumes up almost 10 percent and a market share of more than 40 percent in most markets. However, mobile payments are growing even faster than predicted in our last report reflecting strong user adoption.

Mobile payments will represent 15 percent of all cards transactions by 2013, and will overcome cards volumes within 10 years if growth continues at the same rate. The report found the use of e-payments and m-payments is expanding, accounting for an estimated 22.5 billion transactions worldwide in 2010. E-payments are expected to grow globally from 17.9 to 30.3 billion transactions between 2010 and 2013 according to the report, and m-payments from 4.6 to 15.3 billion transactions over the same period. At present, the proportion of these transactions handled outside bank payments systems remains relatively small, but is growing rapidly. The use of cheques continues to lessen, accounting for just 16 percent of all non-cash global transactions in 2009, down from 22 percent in 2005, and remains in demand in key markets.

"Payments volumes showed resilience during the global financial crisis with volumes growing in all regions," said Scott Barton, CEO, Global Transaction Services, RBS. "Banks face challenges from the rapidly changing payments landscape, including the need to respond to new regulatory initiatives, and we can expect to see changes to business strategies and models as a result. However, these changes will also present new opportunities."

Tagged as: mobile | payments | marketing

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