Mobile Payment to Grow 38% in 2011 Posted by AVCU on 1:23 PM

According to American Banker, users of mobile payment technologies around the world will surpass 141.1 million in 2011, a 38.2 percent increase from 2010. The forecast is according to Gartner Research estimates released today. Accordingly, they forecast mobile payment volume to total $86.1 billion, up 75.9 percent from 2010.

Even with these numbers, Gartner says the mobile payment market is growing slower than expected. More prominent in developing markets than the U.S., growth is not as strong as was anticipated according to Gartner.  Developing nations have favorable conditions for mobile payments because of the high penetration of mobile devices and low banking penetration. 

In developed markets like the U.S., companies are more focused on Near Field Communication (NFC), buts its mass market adoption is at least four years away, according to Gartner representatives. 

Read the Gartner Research report in full here.