(Telecompaper) The global increase in smartphone penetration is set to boost the value of the mobile wallet market to USD 1,602.4 billion by 2018, according to a report by Transparency Market Research. The global compound annual growth rate (CAGR) during the 2012-2018 forecast period is expected to be 30.7 percent, with EMEA predicted to be the largest market for the mobile wallet industry in 2018. Asia-Pacific is expected to be the fastest growing region in terms of revenue during the forecast period, with a CAGR of 31.0 percent.