The number of people without access to banks and increased smartphone usage are two strong factors driving the progress of the mobile payments industry.

Moreover, governments around the world are beginning to recognize the technology’s potential and view it as a solution for the limitations of traditional banking.

Statistics from re/code indicates that a staggering 2.5 billion individuals worldwide are underbanked. Because of this, experts say 2015 could be the year of exceptional growth for the sector.

Finding convenient payment methods is a top priority for people who do not use traditional banking facilities. Consumers who live in rural areas resort to purchasing goods and services online, pushing the need to establish alternative payments services even further.

Walter Isaacson, chief of The Aspen Institute said, “Globally, once you open up the market to the next billion people coming online who can make cellphone text payments and that sort of thing, I think it changes the economy quite radically.”

Maintaining healthy cash flow is a concern for today’s fast-moving businesses. The way banks handle payments has become a hindrance for many companies due to lengthy processing times and costly transaction fees. This holds especially true for areas with outdated digital infrastructure.

“It takes four days to move money sometimes if it’s just an average person [trying] to use things like checks and credit cards that have transaction costs. Those inefficiencies will spur the continued rise of mobile payments and digital currencies, which will eventually disrupt the banking sector,” mentioned Isaacson.

In addition to the handful of innovative startups in the payments space, key partnerships are fueling the rapid expansion of the industry. Financial establishments are starting to collaborate with third party payments providers, making such services within reach for virtually anyone with a smartphone.