Mobile payments market expected to reach $245 billion by 2014.
Seen as the future of banking, the value of financial transactions carried out through mobile phones has been forecast at USD 245 billion worldwide by 2014 in a new report by global consultancy firm Ernst & Young.
"Overall, mobile payment services are expected to reach USD 245 billion in value worldwide by 2014," according to the report by Ernst and Young.
At the same time, the number of users carrying out transactions using mobile money is expected to total 340 million by 2014, equivalent to 5 per cent of existing mobile subscribers across the globe, the report said.
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