A new report has estimated that the mobile payments market will triple in the next four years to reach $670 billion.
According to a report released by Juniper Research, the current mobile payments market, which includes purchases, transfer and near fields communication (NFC), has a market value of $240 billion.
This figure is expected to triple in the next four years to $670 billion owing to the rise in usage of NFC and growth in the mobile commerce sector.
Juniper Research said that Western Europe will be responsible for fuelling the maximum growth in the mobile payments market, responsible for 75 percent of mobile payments by 2015. Other major contributors to the market include China, the Far East and North America.
The report also said that the NFC market will reach $50 billion in value in 2014 as several companies plan to launch the service in the next two years.
"Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments," said senior Juniper Research analyst David Snow.