The proliferation of so-called ‘smartphones’ in recent years has been nothing short of astonishing, with mobile applications, mobile browsing and mobile entertainment (in the form of video and music) seeing a dramatic rise in popularity all over the world. As contemporary smartphones get more powerful and technologically sophisticated, they’re functionality continues to increase – even replacing previously specialised gadgets (such as cameras and watches).

One of the recent innovations of modern smartphones is the ability to make an increasing number of payments via a mobile device, whether that’s scanning the phone in order to enter the underground (referred to as Near Field Communication, or NFC) or paying for mobile downloads (of applications, games, music, etc) via a bank account debit, or even directly to a mobile phone bill. The mobile payment market has grown exponentially in recent times, and according to the below infographic from Cashlog, it will continue to grow dramatically over the coming years.

[Click the infographic for a larger version]

The infographic reveals some truly fascinating statistics, demonstrating the incredible rise of mobile payments in the modern market. According to the design, the value of mobile transactions in 2010 was $240billion, with the 2015 projection for the market being a phenomenal $670billion – representing a considerable rise in value.

The most popular way to make payments via mobile devices appears to be directly to the phone bill, which accounts for 39% of all mobile transactions last year. With that said however, Near Field Communication (the ability to ‘scan’ your phone using related technology) is expected to rise as the number of outlets offering NFC compatibility increases.

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