Mobile payments market to be valued at $670 billion by 2015, according to analysts

Irregardless of whether you like it or not, mobile payments are rapidly making their way into our daily life and appear to be a worthy substitute for the handful of credit cards that many of you carry in your wallets. Of course, digital money does not deliver the same feeling that you get when holding on to a pile of hard cash, but it makes up for it by being convenient and reliable.

According to a recent study conducted by Juniper Research, mobile payments are expected to boom in the forthcoming years and will nearly triple their market value by 2015. The study suggests that a total of $670 billion will change hand by means of mobile payments in 2015 alone – an amount significantly greater than the $240 billion worth of transactions projected for 2011. One of the reason for the optimistic prediction is that NFC mobile payments are expected to launch in 20 markets by the end of 2013 with the number of users in developing countries to double by that time. Another thing is that people are becoming more and more aware of the technology and there is a growing segment of cellphone users willing to try it out.

So, what would you rather use for the payments that you make on a daily basis – old-fashioned cash, your trusty bunch of credit cards, or digital money stored on a chip inside your cellphone? Feel free to share your thoughts in a comment below.

source: Juniper Research via IntoMobile