Mobile Money Transfers Are Expected to Increase 150 Percent in 2015
In a new report from Juniper Research, the number of mobile money transfers is projected to increase by nearly 150 percent in 2015 to over 13 billion with multiple social media firms taking notice of the drastic increase in service frequency.
With Juniper Research’s report, “Mobile Money Transfer & Remittances: Domestic & International Markets 2015-2020,” it was determined that the U.S. social payment service Venmo is drawing a great deal of traffic–worth nearly $1 billion per quarter. It is because of this success that top social media companies are beginning to introduce their own services in regards to mobile money transfers.
For example, Snapchat has partnered with Square in order to offer a P2P option. In addition, Facebook introduced a national mobile money transfer service within the last month in the United States.
Researchers have also used China as a sample figure, as their investments in mobile money transfer services has certainly paid dividends thus far. Research has shown that in China, WeChat and Alipay saw a major spike in P2P traffic during February of 2015, the time of Chinese New Year and when red envelopes (traditionally cash) are given to friends and relatives.
Due to the adoption and success of popular social media platforms, it only makes sense that these companies would seek to put forward an applicable mobile money transfer service to further enhance their functionality, and increase profit and traffic.