Global mobile wallet spending is set to rise 32 percent this year, according to a new report from Juniper Research. The market research firm predicts it will reach a whopping value of $1.35 trillion.

That prediction may come as some surprise in the wake of TXN’s recent report estimating that Apple Pay makes up only a small percentage of credit card payments in the US. But Apple Pay isn’t the driving platform in the global market, according to Juniper Research: Spending is currently concentrated in China and the region, with Alipay and WeChat already proving popular among users.

Meanwhile, PayPal’s recent embrace of NFC-based mobile transactions places it “in pole position to capitalise on the increased demand for mobile wallets,” according to a statement announcing Juniper Research’s report. PayPal is now Juniper Research’s “Established Leader” of the major platforms, but there’s still room for others to grow.

Juniper Research also says that new regulatory legislation in Europe could spur further mPayment competition in that region. It all points to a growing global market, and one that will take up a considerable chunk of the overall payments space this year.