VALLEY COTTAGE, NY, September 10, 2018 (GLOBE NEWSWIRE) – Future Market Insights (IMF) in its research report titled “Mobile Payment Transaction Services Market: Global Industry Analysis and Opportunity Assessment 2014-2020 âpredicts that the mobile payment transaction services market will grow at a CAGR of 39.1% during the period 2014-2020.
According to IMF, the proliferation of mobile devices and the growing adoption of mobile money services by financial institutions and other providers are the major factors driving the mobile payment transaction services market. Merchants and vendors around the world are upgrading their point of sale systems to facilitate mobile payment, and IMF expects this trend to continue during the forecast period.
Key factors that may hamper the growth of the mobile payment transaction services market include issues of data security and privacy, and limited consumer awareness. IMF estimates that these factors have a moderate impact on the growth of the mobile payment transaction services market.
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On the basis of key applications, FMI has segmented the market for mobile payment transaction services into money transfer, merchandise purchasing, phone recharging, bill payment, ticketing and âothersâ.
In terms of market value, the money transfers segment accounted for 51.1% of the mobile payment transaction market in 2014. However, the segment is expected to lose 780 BPS by the end of 2020. In contrast, the purchases of goods is expected to gain ground. over the forecast period, accounting for 49.9% of overall market revenue by 2020.
Phone top-ups, bill payment, ticketing and âotherâ segments collectively accounted for 8.3% of the mobile payment transaction services market revenues; IMF estimates it to fall to 6.9% by the end of the forecast period.
The global volume of mobile payment transactions is expected to reach 106 billion by 2020. In terms of volume, the merchandise purchasing segment is expected to account for 39.8% of the market share, with an increase of 670 BPS.
The use of mobile payment services for money transfer is expected to experience a decline of 430 BPS in its market share by the end of the forecast period. In addition, the phone top-up segment is also expected to lose 480 BPS and account for 19.2% of the market volume by 2020.
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Africa and Asia-Pacific are the two most lucrative regions for the mobile payment transaction services market. In terms of value, these two regions collectively accounted for nearly 58% of the global market in 2014. IMF predicts that these two regions will continue to dominate the global market during the forecast period.
A key development in the global mobile payment transaction services market is that Asia-Pacific will overtake Africa to become the largest market. The IMF estimates that the Asia-Pacific mobile payment transaction services market will account for 27% of the global mobile payment transaction services market revenue by 2020.
Among all regions, North America is poised to witness significant growth. North America held a 22.8% value share of the global market in 2014, and it is predicted that by 2020 it will grow to 24.9%.
In terms of transaction volume, Asia-Pacific and Africa will remain lucrative, however, strong growth in North America and Western Europe is expected to eat away at their market share. On the other hand, the collective market share of Latin America, Middle East and Eastern Europe is expected to reach 10.4% by 2020.
The top companies featured in the FMI research report are PayPal, Visa, MasterCard, and Google Wallet. These companies are teaming up with leading suppliers to consolidate their position in this growing market.
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