The $860bn figure is a twelve-fold increase in gross global transaction values in just five years.
"The mobile payments and banking market has evolved considerably over the last two years. Major industry initiatives led by the GSMA and significant commitments to the market from major financial services and telecoms leaders have changed the dynamics of this market," said John Darnbrough, author of the Mobile Payments and Banking report.
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John Darnbrough said: "At last there is real evidence of demand for these services, some from the unlikeliest of places, such as the emerging markets of Africa and Asia."
"The prospects for growth and the emergence of new opportunities in mobile financial services are encouraging more players to enter the market."