Research from Frost & Sullivan predicts that mobile payment transaction values will increase from EUR 289.02 billion in 2014 to EUR 1,516.70 billion in 2020, representing a compound annual growth rate (CAGR) of 31.8%.
In 2020, Asia Pacific will account for the highest proportion of mobile payment transactions by value (29.2%), followed by Europe (23.1%), the ‘Mobile Wallets — Amazon, Apple and Google Seek the Winning Strategy’ report forecasts.
The reason for the surge in 2017 and 2018 in particular is the availability of mobile payment and mobile wallet-enabled smartphones, says the report. Due to security concerns, some customers will opt for cloud-based solutions with the support of tokenization.
The rise of wearable technology for payment purposes will too have a part to play in the development of innovative and disruptive mobile payment solutions.
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