NFC TIMES Exclusive Insight – Mobile payments are one of the key factors driving the gradual replacement of cash with card and digital payments, according to the annual World Payments Report released this week by consulting and IT services firm Capgemini and major French bank BNP Paribas.
Mobile payments transactions are expected to increase by a compound annual growth rate of just under 22% between 2015 and 2019 to more than 108 billion transactions in 2019, according to the report. Mobile transactions increased by nearly 42% from 2014 to 2015. E-commerce transactions are to hit 76 billion globally by 2019, a compounded annual growth rate of nearly 18% between 2015 and 2019.
The report's authors, who used figures from other analysts and researchers, pointed to China as the “growth engine for global mobile payments.”