The growth has primarily been driven by the shift of demand from traditional brick-and-mortar stores to online retail outlets and by the boom in the number of mobile internet connections.
In 2014, growth per capita disposable income is expected to induce consumers to spend more online, helping industry revenue grow 6.0% in 2014 to reach USD 14.3 billion.
During the 2010 – 2014 interval, the number of enterprises in the industry has grown at an average annual rate of 20.8% to 1,459 operators, and is expected to grow at a yearly 4.3% during the next five years.
Within five years, the systems will enable small businesses and merchants to receive payments via their mobile phones. The new technology will grow larger over the next five years as developers improve their interfaces, consumers grow comfortable with the new technology and industry players prove they are more efficient and convenient than their many alternatives.
Over the long term, the industry will look to develop a payment-as-a-platform model, a system that would create an all-encompassing layer to connect disparate methods of payment. These two new product types will encourage continued notable revenue growth.
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