Already at $74 billion in 2013, Asia Pacific to become the largest region for mobile payment by 2016.

eMarketer new data from Gartner
eMarketer new data from Gartner

PROPELLED by rapid growth in Singapore, South Korea and developing markets such as India, Asia-Pacific mobile payment transaction values will grow 38 per cent this year to reach US$74 billion, according to research agency Gartner.

Speaking to BizIT, Sandy Shen, research director at Gartner, noted that by 2016, Asia-Pacific will overtake Africa to become the largest region by transaction value, hitting US$165 billion.

According to Ms Shen, worldwide mobile payment transaction values will reach US$235.4 billion this year, a 44 per cent increase from 2012 values of US$163.1 billion. The number of mobile payment users worldwide will reach 245.2 million this year, up from 200.8 million in 2012.

“We expect global mobile transaction volume and value to average 35 per cent annual growth between 2012 and 2017, and we are forecasting a market worth US$721 billion with more than 450 million users by 2017,” she said.

Source: Business Times

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