m-payments of physical goods and mobile money transfers account for over two-thirds of total.
m-commerce continues to grow, offering consumers the chance to shop for items via mobile websites and apps.
Now Informa Telecoms & Media says service revenues and fees from m-commerce are to hit almost $40 billion by 2016.
The majority of the revenues will come from m-payments of physical products and services and international mobile money transfers, which will generate more than $25 billion, according to the report.
Shailendra Pandey, senior analyst, Informa Telecoms & Media, said: "Currently the majority of m-commerce transactions – including mobile banking, remote and local payments, and money transfers – are conducted using SMS, especially in developing markets.
"In the next five years, traffic will shift steadily onto more secure and lower-cost bearers, such as USSD (Unstructured Supplementary Service Data) and packet data, mobile applications, and NFC in the case of local payments, with a corresponding fall in service revenue per transaction."
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Informa highlights eBay as a key figure that's adapted to the mobile market, receiving more than ten per cent of UK purchases via its mobile platform. It claims the service caters to users needs when they're away from their PCs and laptops.
Furthermore, the report say it's likely that operators, banks and financiers will be embroiled in further competition with each other as the technology grows.
Pandey continued: "There will be ‘first-mover’ benefits for those operators and service providers that are early to market with mobile wallet and m-commerce services as they will create greater subscriber ‘stickiness’ for their network and more churn from their competitors."
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