The technology research company, Gartner, has suggested the mobile payment market will strengthen over the next 5 years.
The number of customers making mobile payments is set to surge to 44.4 million in 2013, according to the latest data.
And it is suggested that global m-payment customers will rise from 200.8 million in 2012 to an impressive 245.2 million this year.
It is also anticipated that western European m-payment transactions will increase from $19 billion (£12bn) last year to as much as $29 billion (£18.5bn) in 2013.
In 2012, international m-payment transactions totalled $163.1 billion (£104bn), Gartner said, with that sum only expected to climb over the course of this year.
The firm claimed global mobile transaction volume and value would grow at an average annual rate of 35 per cent between 2013 and 2017.
It has been forecast the market will be worth $721 billion (£460bn) by 2017, with the number of
m-payment customers set to hit 450 million within five years.
Tom Leman, a retail expert at Pinsent Masons – the law group behind Out-Law.com – recently advised retailers to invest in new payment technologies if they want to keep their share of consumer spending in the future.
A reduction in the use of cash and credit cards means sellers have to take an innovative approach to maintain a hand on their share of the “retail wallet” the expert explained.
Mr Leman said, “Some retailers already need to spend money on infrastructure to stay ahead and the rise of the alternative payment systems highlights that further. Those retailers that embrace the change and invest in their hardware and software will benefit in the long run.”
When it comes to Near Field Communications, Gartner expects the technology to account for 2 per cent of the value of m-payments in 2012, with that figure expected to increase to 5 per cent by 2017.
As such, businesses may be well-advised to look to the benefits of mobile payment products to help keep them at the cutting-edge of their industry.