Mobile Payment Transactions Market 2022
Persistence Market Research forecasts that the global mobile payment transaction market will grow at a CAGR of 31% over the next 10 years and will reach $621 billion in revenue by the end of 2031. The study assesses the current value of the market at $41.7 billion.
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Mobile payment is an integrated system linked by various components of the value chain which generally includes the merchant, the consumer, the financial institution involved without forgetting the payment gateway and the telecommunications network.
Even though there will be tremendous growth in the mobile payment transaction market, there are many challenges that are hampering the growth of this market. A major challenge is the slow adoption of smartphone-enabled POS systems by retailers.
One of the main concerns is that with the exception of a few countries, consumers have not fully accepted the concept of mobile payment, even though the facility is much more secure. However, given the inherent nature of the product, it would not be long before consumers around the world are using the facilities provided by mobile payments, according to the research report by Persistence Market Research.
The report has profiled some of the important players prevailing in the world such as PayPal, Visa, MasterCard, Google Wallet, Apple Pay, Samsung Pay and Alipay, etc.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future prospect of Mobile Payment transaction.
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By technology, SMS and WAP/WEB will continue to represent the majority of transactions made worldwide. Mobile payments made through SMS will see a robust CAGR during the forecast period.
Mobile payments made via WAP/WEB are expected to witness an excellent CAGR during the forecast period. Money transfers and commodity purchases account for more than 9/10 of the global m-payment transaction revenue share based on end-use ‘purpose’.
Money transfer, the main end-use purpose in the mobile payment transaction market, will grow by more than 30%.
The mobile payments market will continue to be robust in APEJ and Africa, as the majority of people do not own a credit card, unlike the situation in Europe and the United States. Thus, consumers in APEJ and Africa are switching directly from cash to using mobile payments.
The growth of the mobile payments market will be particularly strong in China. This is due to the entry of major market players like Apple and Samsung into the Chinese market, making the competition more fierce and interesting.
With a strong presence in China, the mobile payment market will continue to grow in the Asia-Pacific region and this region will be the world’s largest market by volume. However, in terms of value, it is Africa that will retain its number one position in the market for mobile payment transactions.
This is due to the spectacular success of M-Pesa in Kenya and has prompted consumers and businesses in other parts of Africa to embrace mobile payment technology. This has boosted the market for mobile payment transactions in Africa.
Currently, Africa holds almost 3/10 of the global mobile payment market revenue and boasts of a subscriber base of over 100 million. Apart from Asia-Pacific and Africa, Western Europe and the United States are other lucrative regions for the mobile payment transaction market worldwide.
Regional Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (United States, Canada, Mexico)
Europe (Germany, UK, France, Italy, Russia, Spain, etc.)
Asia-Pacific (China, India, Japan, Southeast Asia, etc.)
South America (Brazil, Argentina etc.)
Middle East and Africa (Saudi Arabia, South Africa, etc.)
Mobile Payment Transaction Market Manufacturers
Mobile Payment Transaction Market Distributors/Traders/Wholesalers
Mobile Payment Transactions Market Subcomponent Manufacturers
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Answers to key questions in this report.
What will be the growth rate of the market in the future?
What are the key factors driving the global market?
Who are the major manufacturers in the Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by industry regions?
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