HAMPSHIRE, U.K., and LOUISVILLE, Colo. (7/24/15)--Social media is driving mobile payments growth, according to a new study.
A new report from Juniper Research has found that the number of mobile money transfers is expected to increase by nearly 150% in 2015 to more than 13 billion, with several social media firms already seeing a dramatic rise in service usage.
U.S. social payment service Venmo now experiencing traffic worth nearly $1 billion per quarter, according to the new research. Snapchat has partnered with Square to deliver a person-to-person offering, while Facebook launched a service across the United States last month.
In another study, Acuity projects that by 2020, global mobile biometric market revenues will reach $34.6 billion annually. This includes 4.8 billion biometrically enabled smart mobile devices generating $6.2 billion in biometric sensor revenue, 5.4 billion biometric app downloads generating $21.7 billion in annual revenues from direct purchase and software development fees, and 807 billion biometrically secured payment and non-payment transactions generating $6.7 billion in authentication fees.
Acuity segments the mobile biometrics into three major sectors: