Payments via mobile transactions will reach a value of over $235bn (£154bn) in 2013, as the number of mobile payment users worldwide reaches 245 million.
That's according to research by Gartner, which suggests this year will see a 44 per cent increase on the $161bn (£105bn) transacted via mobile payments during 2012. The firm also believes the number of mobile payment users will increase on 2012 figures by almost 50 million during 2013.
Gartner believes the Asia-Pacific region will grow the fastest, predicting that it will overtake the current leader, Africa, by 2016.
"We expect global mobile transaction volume and value to average 35 per cent annual growth between 2012 and 2017, and we are forecasting a market worth $721bn with more than 450 million users by 2017," said Sandy Shen, research director at Gartner.
"Nevertheless, we have lowered the forecast of total transaction value for the forecast period due to lower-than-expected growth in 2012, especially in North America and Africa."
Mobile payments are becoming an increasingly important part of the online transaction market. Online payment service provider PayPal has previously stated it intends to expand its focus on mobile, a decision that reflects an increase in purchases made via tablets and smartphones.
