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The worldwide market for global payments will grow to $633.4 billion by 2014, up from $68.7 billion in 2009, according to a new report by Generator Research. Meanwhile, mobile payment users will grow 600 percent, to 490 million in 2014 from 81.3 million last year.

The worldwide market for mobile payments will grow to $633.4 billion by 2014, up from $68.7 billion in 2009, according to a new report by Generator Research. Meanwhile, mobile payment users will grow 600 percent, to 490 million in 2014 from 81.3 million last year. Using your phone or your phone number to exchange money is convenient for everyone but especially the “underbanked.” Whether it’s payment dongle Square launching this week, Zong raising $15 million late last month on the strength of its virtual goods business on Facebook, or the fact that my dinner party companions last night settled the bill using Venmo, mobile payments are finally part of the present rather than the hazy projected future.

Last week I talked to Kolja Reiss, managing director of Mopay U.S. Mopay has been in this business, so to speak, since 2000, but mobile payments were tiny until 2007, Reiss said. He said the next big thing in mobile payments will be a major reduction in carrier fees. Right now mobile carriers take an exorbitant 40-50 percent portion of transactions. That’s the convenience fee for tacking on a receipt to a customer’s phone bill, payable at the end of the month (and that delay can be a problem on its own). But carriers are coming to their senses, Reiss claimed. They realize that growing the market for mobile payments will help them more than wiping it out with huge fees. Reiss said to expect major reductions in carrier fees around the world within the next 18 months.

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  1. [...] rynek płatności mobilnych ma przed sobą świetlaną przyszłość. Jeszcze w 2009 r. wartość transakcji dokonywanych za pomocą urządzeń przenośnych wyniosła [...]

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  2. Mobile Operators in countries like Spain are still not grasping the power of Mobile Payments .

    I hope they will change their mindset soon .

    I dropped 2 of my projects in Spain jut because the mobile operators dont want to learn and take a share of the well growing mobile payment system.

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  3. [...] Czytaj więcej: Mobile Payments to Reach $633B by 2014 [...]

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  4. [...] Mobile payments: The market's poised to soar. [GigaOm] [...]

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  5. [...] Mobile payments: The market’s poised to soar. [GigaOm] [...]

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  6. [...] Mobile Payments to Reach $633B by 2014 "Last week I talked to Kolja Reiss, managing director of Mopay U.S. Mopay has been in this business, so to speak, since 2000, but mobile payments were tiny until 2007, Reiss said. He said the next big thing in mobile payments will be a major reduction in carrier fees. Right now mobile carriers take an exorbitant 40-50 percent portion of transactions. That’s the convenience fee for tacking on a receipt to a customer’s phone bill, payable at the end of the month (and that delay can be a problem on its own). But carriers are coming to their senses, Reiss claimed. They realize that growing the market for mobile payments will help them more than wiping it out with huge fees. Reiss said to expect major reductions in carrier fees around the world within the next 18 months." (tags: mobile business carriers research transactions services) [...]

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  7. [...] May. 27, 2010, 8:40am PDT No Comments        0 Mobile payments are an incredibly promising phenomenon — set to reach $633 billion by 2014 — so much so that many of the top venture capital [...]

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  8. [...] pay for things provides a huge growth opportunity in the mobile market. Generator Research recently predicted that the worldwide market for mobile payments would grow to $633.4 billion by 2014, up from $68.7 [...]

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  9. In my country, Africa (Kenya) we have just woken up to the Mobile Banking transaction and the promos are crazy. The ad agencies are not helping much (They promos are badly done and they are all annoying especially to the target market i.e. 25-50) Thanks for the article about Mobile Banking, I needed this…

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  10. [...] represent the largest, albeit fragmented, market opportunity in mobile as Generator Research predicts the market will grow almost ten-fold from last year to $633 billion in worldwide revenues by 2014, [...]

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