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Mobile payment market to hit $620 billion this year

Submitted by on February 3, 2016 – 3:16 pmNo Comment

Apple’s and Samsung’s big moves into mobile payments look set to deliver a huge rise in the overall market value, says TrendForce.

Its new report says total revenue could hit $620 billion this year, up 37.8 per cent year on year.

The firm reckons ‘the formation of industry-wide standards and the maturation of related technologies’ is also propelling the space, and that banks and retailers hold the key to the next growth phase.

The report cites host card emulation (HCE) as central to the future role of banks. It lists institutions like Union Bank & Trust in the US, Italy’s Intesa Sanpaolo, Turkey’s Yapi Kredi and National Australia Bank as adopters of HCE.

 

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