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Proximity Mobile Payment: 70 million users by 2017
SCHICKLER E-Business analysis: “Smartphones: Tomorrow’s Wallet”
Hamburg/Munich, April 5, 2013. Proximity Mobile Payment has the potential to revolutionise the personal payment market. Mobile payment for goods and services at the point-of-sale will substantially replace cash and credit cards to a noticeable extent in the near future – Proximity Mobile Payment will turn smartphones into electronic wallets. By 2017 just under 70 million users will be paying for goods and services for a value of over 40 billion euros, according to a current analysis by SCHICKLER Consulting.
At present, the mobile payment market is causing quite a stir. Numerous companies are crowding onto the market with credit card swipe systems. These systems transform a smartphone into a mobile credit card payment terminal. “However, this is only an intermediate step on the road to comprehensive mobile payment as the credit card remains a central component”, says Alexander Kahlmann, partner at Schickler Consulting, “the subsequent step in the mobile payment market is actually more interesting: proximity mobile payment.”
Schickler forecasts that the turnover generated by Proximity Mobile Payment will grow over the next five years at a rate of over 50% per year. The number of users who pay with their own smartphone via Proximity Mobile Payment at the point of sale, will rise between 2012 and 2017 to an eightfold.
As the barriers for entrance into the Mobile Payment market are comparatively low, the market will still gain in dynamic. But: “Independently of the exact future market structure, it is alrady quite clear: Proximity Mobile Payment will substantially replace cash and credit cards to a noticeable extent in the near future”, says Kahlmann.
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