By 2015 so-called 'alternative payments' will double from the $62 billion they are currently worth, according to a new report. Alternative payments are defined as those which are entirely electronic and conducted mostly by mobile phone or the internet.
They have already doubled since 2006 and were up 25% in 2010 on the previous year. The report, by Packaged Facts, predicts this will continue with Packaged Facts' research director, David Sprinkle, saying:
"PayPal alone announced $750 million in total mobile payment volume worldwide in 2010 and expects to reach $2 billion for 2011. Though PayPal may be the only player recording that level of mobile payments, several major initiatives either rumored or announced indicate that interest in mobile payments is hitting critical mass. The old school payments paradigm will start losing more and more of the playing field."
Major players, such as Google and Mastercard, are making significant moves into the arena and a number of countries are investing in preparing for new technology such as contactless payments.
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