Global mobile payment market to hit $620bn in 2016

Consumers worldwide will use their mobile phones to spend a total of US$620bn on all forms of mobile transaction this year, representing a 37.8% year-on-year growth from $450bn in 2015, research from Taiwan-based analyst firm TrendForce reveals. By 2017, total mobile payment volumes will reach $780bn, climbing to $930bn in 2018 and $1.08tn in 2019.