The global mobile payment segment has experienced exceptional growth in the last five years, establishing a $600 billion market by 2017.
The market has moved well-beyond its origins of niche status and is now poised for adoption of new payment technologies such as next generation contactless payments, converged mobile wallets, integration of digital currency (like Bitcoin), wearable payment solutions, and payments through implanted chips into the human body, according to Research and Markets (www.researchandmarkets.com). The overall electronic payments market will also accelerate transformation towards a cashless society, adds the research group.
This growth will benefit all value chain stakeholders including device manufacturers, service providers, app developers, financial organizations, and merchants significantly. Many improvements will be witnessed as the ecosystem streamlines front-end processes to leverage efficiencies enabled by back-end systems. Research and Markets estimates a combined $3 trillion mobile payment market by 2023 of which $9 billion will be through next generation implantable payment technologies.