A new report from Trendforce has shown that this year will have wallet apps taking off.

Research firm, TrendForce, has released a report in which its researchers have forecasted that mobile payments systems will be taking off at full throttle this year, which will come to a considerable relief to the financial institutions, retailers, tech companies, and other parties that have made massive investments into this tech.

As of yet, mobile wallets have yet to take off with consumers, despite the entry of Apple into the space.

The report showed that with both Samsung and Apple entering into the mobile payments ecosystem with a heavy push, it is likely that there will be a sizeable growth in this area that will propel it far beyond the level it had reached last year. In 2015, the total revenues that were brought in by the worldwide mobile wallet market are estimated, by TrendForce, to have reached $450 billion. That said, it is predicting that this figure will have made a far greater achievement by the end of this year. In fact, it is expecting that smartphone based payments will have reached a tremendous 37.8 percent year over year growth rate.

This will mean that mobile payments will have been able to hit the $620 billion mark, worldwide, this year.

Next year, the growth rate is expected to decrease, though it will still remain quite high, at a predicted 25.8 percent. The year after, it will drop again but will remain healthy at 19.2 percent and in 2019, that will slide again but will still grow by 16.1 percent. In the last year of the forecast, there will still have been a growth of $10.8 billion over what it had been the year prior.

When it comes to the success of Apple Pay as a mobile wallet option, both that company and many analysts continue to say that it will depend on how receptive China becomes to the brand and to that specific wallet app.

The report indicated that it will be Samsung Pay and Apple Pay that will make up a tremendous chunk of the smartphone based payment market and those two companies have been working hard to try to carve out as much of China as they possibly can. This has been a very challenging battle as both companies have manage to strike a deal with the government operated Chinese banking card payments processor, China UnionPay. These virtually simultaneous partnerships will mean that Chinese customers will have the choice between these two giants and their mobile payments services.

Mobile commerce to find more success in Peru this year

Mobile commerce could become a major boon for companies in Peru. SafetyPay Peru believes that the rise of mobile commerce could lead to a 15% increase in sales for companies that work to engage those with smartphones, tablets, and other devices. Device penetration has made consumers more mobile-centric and companies may have to follow suit in order to find continued success in the coming years. These companies will, of course, have to overcome potential security issues in order to effectively serve mobile consumers.

Consumers are becoming more confident in the security and services of companies participating in the mobile commerce space

In Peru, more consumers are beginning to participate in mobile commerce. This is due to growing confidence that consumers have in platforms that allow them to shop for and purchase products with their mobile devices. In the past, security concerns had lead many consumers to avoid mobile shopping. Companies offering mobile commerce services have worked to make their solutions more secure in order to protect consumer information. This has lead to consumers becoming more confident in the mobile sector, which comes with a willingness to purchase products through shopping platforms.

Retailers will have to become more comfortable with mobile technology in order to connect with consumers

Retailers may have trouble engaging mobile consumers because they are not well versed in mobile technology. Many retailers focus on traditional channels in order to connect with consumers, but they are beginning to feel pressure to become more mobile-centric. One way retailers are trying to connect with consumers is through offering them special deals if they make purchases through a mobile device.

Mobile commerce to see significant growth in the near future

Peru is expected to see a major increase in mobile commerce activity in the coming months. More companies are likely to bring their mobile payment services and other solutions to the country in order to find success in the thriving mobile space. Mobile commerce still faces significant challenges, but companies are likely to overcome these challenges and make the sector more valuable in the near future.