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- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
16th September 2011
Mobile payments may exceed 15bn in 2013
The World Payments Report commissioned by Royal Bank of Scotland, Capgemini and Efma suggests there were approximately 3.1m m-payments in 2009, around 1.2% of global non-cash payments. This number is said to increasing at nearly 50% per annum suggesting 4.6bn in 2010 and potentially reaching 15.3bn in 2013, equal to 15% of the level of card transaction, therefore around 6% of all non-cash transactions.
The aggregate value of m-payments is calculated as increasing at 52% compound annual growth. The value estimate for 2010 is €62bn (£54bn $85bn ¥6.5tr Y544bn) rising to €223bn (£194bn $306bn ¥23.5tr Y1,958bn) in 2013. The reports expects banks to handle 92% of m-payments in 2013, down slightly on the 94% in 2010.
Non-cash payments grew 5% in 2009, card payment was up 9.7% and epayments are expected to grow at nearly 20% reaching 30.3bn in 2013. Global cheque usage is estimated at 16% of non-cash payments in 2009 down from 22% in 2005.
