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Africa adding to surge in mobile payments

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A report published byNigeria’s Leadership publication speaks of mobile payments reaching US$ 1.3 Trillion annually by 2017 according to a report by Juniper Research.

Mobile payments are expected to reach US$1.3 Trillion annually by 2017 says a Juniper Research report. (Image: File)

Growth of international mobile payment transactions is reportedly being fuelled by the physical sales of goods by means of remote purchases and Near Field Communications (NFC) transactions.

Africa is said to be playing an increasingly prominent role in the application of mobile payment services and infrastructure.

The report identifies M-Pesa and international money remittances from East Africa and mobile money licenses and web payments on e-commerce sites in Nigeria.

Whilst there is continued evidence of the prevalence of mobile payment structures and NFC infrastructure, Leadership writes that sales of goods via the mobile phone would only equate to approximately 4% of international retail transactions by 2017.

According to the report research has warned that in order for the benefits of NFC to be realised, more intensive marketing behind the mechanism is required.

National regulatory requirements and a lack of interoperability between services have been cited as inhibitors to the further service adoption across many markets.

Staff Writer

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