The development of the Internet and the arrival of e-commerce fostered digitalization in the payment processesby providing a variety of electronic payment options including payment cards (credit and debit), digital andmobile wallets, electronic cash, contactless payment methods etc. Mobile payment services with their increasingpopularity are presently under the phase of transition, heading towards a promising future of tentativepossibilities along with the innovation in technology. In this paper, we will evaluate the current state and growthof mobile payments and other electronic payment systems in markets around the world and take a look at thefuture of this industry. We analyze various systems of electronic payment services, security issues related tothem and the future of the mobile payment mode. This paper will also examines the factors affecting adoption ofmobile payment methods by consumers. With all the security and convenience provided by mobile electronicpayment method, we can expect further growth of mobile payments worldwide even surpassing payments madeby credit and debit cards. However, there are several barriers identified to the adoption of this payment method;so certain measures should be taken to grant this industry a promising future ahead.