Mobile money transfers expected to increase 150 percent in 2015
Several social media firms are already seeing a dramatic rise in service use, according to analysis from Juniper Research.
A new report from Juniper Research has found that the number of mobile money transfers is expected to increase by nearly 150 percent in 2015 to more than 13 billion with several social media firms already seeing a dramatic rise in service use, according to a press release about the research.
The new research, "Mobile Money Transfer & Remittances: Domestic & International Markets 2015–2020," observed that with U.S. social payment service Venmo now experiencing traffic worth nearly $1 billion per quarter, leading social media companies are now introducing their own services. Snapchat has partnered with Square to deliver a P2P offering, while Facebook launched a U.S.-wide service last month, according to the report.
Meanwhile, the research found that in China, both WeChat and Alipay saw astonishing spikes in P2P traffic during February 2015. This was the result of result of 'red envelope' P2P gifting activity when WeChat users engaged in more than 3.3 billion P2P transactions in just six days over the Chinese New Year period, according to the report.