Mobile payments could break the $1 trillion mark in three years

The latest Heavy Reading report has revealed its latest predictions for the market for 2015.

The popularity of mobile payments is already growing, despite a rather slow and rocky start, and according to Heavy Reading Mobile Networks Insider, this has set the market on the path to breaking the $1 trillion mark in transactions by the close of 2015.

The industry is also at the point that it is growing quickly and is creating heavy competition even before becoming mainstream.

The mobile payments industry is now offering a vast array of different solutions for generating revenue. This latest Heavy Reading report has forecasted that within the next three years, the market will have skyrocketed to the point that its transactions will have been worth more than $1 trillion, worldwide.

The report has also predicted that mobile payments will be an important factor in the success of m-commerce.

It looked into mobile payments as a whole and came up with a number of predictions in terms of market drivers in addition to the challenges that this industry could face. It also performed a comparative analysis of the various types of solutions that have become available within this ecosystem and attempted to provide details regarding the types of trends that are likely to happen if the industry continues in the same direction over the upcoming year and a half to two years.

According to Heavy Reading report author, research analyst Denise Culver “Mobile payments have gone from being a cool-to-talk-about concept to a disruptive technology in a relatively short time frame.” She went on to say that “MNOs and payment vendors should be looking at different ways to drive demand for mobile payments, which have the potential to create significant revenue throughout the entire mobile ecosystem.”

Some of the report’s data has indicated that consumers that are already comfortable with making payments online, such as for purchasing products and services and for paying their bills, are among those who are already using their smartphones and tablets for these same tasks. Culver has predicted that as the penetration of these devices continues, it will be “only natural” that these same individuals will increase their desire and likelihood to apply those devices for transaction purposes.