Firms may need to modify their approach in order to make the most of the expanding mobile market.
A study conducted by IE Market Research Corporation (IEMR) suggests that global mobile payment transactions will reach $945 billion by 2015.
This represents a 30-fold increase on the $31.5 billion spent in this sector during 2010.
Nizar Assanie, vice-president of research at IEMR, says that consumers are increasingly being drawn to mobile payment transactions by their convenience.
"Our usage surveys reflect a trend of mobile payments growing commonplace in the Western world, corroborated by the fact North American and Western European markets are geared up for the beginning stages of a full-fledged adoption of the digital wallet," he added.
The latest data from market intelligence company ABI Research shows that Android is now the leading operating system in the mobile market.
Posted by Rachel Wheeler