The total global user base for mobile payments will rise from an estimated 689.99 million users in 2014 to 4.77 billion users in 2019, according to research from global analyst firm Ovum.

Of the three segments covered in the new forecast—mobile commerce (m-commerce), person-to-person (P2P) mobile money transfers, and mobile proximity payments—m-commerce is the biggest in terms of users and transaction value. Ovum forecasts 452.78 million global m-commerce users in 2014, increasing to 2.07 billion users by 2019.

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