Mobile payment services and companies have been cropping up in droves on the payment processing landscape in recent months, as consumers are increasingly looking for convenient ways to complete their transactions. At the same time, retailers are also always interested in finding ways to cut costs and improve the consumer experience, making the proliferation of mobile payment processing services a win-win situation. However, while the market for mobile payments has grown during this time period, it remains relatively small compared to the rest of the transaction market and, more significantly, where mobile payments are headed over the next four years, AdAge reports.

Research firm eMarketer estimates that the total transaction value for mobile payments in the United States will be $640 million by the end of this year. While that number represents an impressive figure, the study also projects the total transaction value for mobile payments to skyrocket to $62 billion by 2016. By that time, the authors of the study predict that the technology would be so widespread among the mainstream that the mobile wallet will have largely replaced the traditional one. At that time, the average users who spend $62 on their phone in 2012 could be spending as much as $1,294 in 2016 according to early projections by the news source, prompting an industry-wide development that has been termed a 'game changer' by a prominent CEO.

"Mobile continues to be a game changer for us, and we continue to be a clear leader in mobile commerce and payments," John Donahoe, president and CEO of eBay, told Mobile Payments Today. [We] are consistently demonstrating our capabilities to help consumers shop anytime, anywhere. And we are enabling retailers of all sizes to compete in a rapidly evolving, multichannel commerce environment."