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.

The global transaction value of m-commerce will grow from $50.92 billion in 2014 to $693.36 billion by 2019, the firms says. The rise of m-commerce is being driven by the widespread deployment of increasingly powerful smartphones with larger screens, Ovum says. Meanwhile, a growing number of retailers are optimizing their sites for mobile shopping.

“Smartphones have become a platform that can support the whole shopping journey, from product search and discovery, through comparisons and recommendations, to payments,” Eden Zoller, principal analyst, Consumer Services and Payments at Ovum, said in a statement.

Mobile proximity payments are the smallest but fastest growing segment of the mobile payments market. The global user base for mobile proximity payments, both near field communication (NFC) and non-NFC, was 44.55 million in 2014. By 2019 there will be a total of 1.09 billion global mobile proximity payment users, of which 939.10 million will be NFC. The total transaction value of mobile proximity payments (both NFC and non-NFC) will grow from $4.77 billion in 2014 to $141.21 billion in 2019.

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