The global mobile payment transaction market is expected to reach $1055.36 billion by 2032, Future Market Insights Inc.

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Asia Pacific is expected to have a 35% mobile payment transaction market share by 2032, and is expected to hold the largest market share. The WAP/WEB segment represents more than 40% market share. MEA is expected to hold a 25% market share of mobile payment transactions by 2032.

NEWARK, Del., August 24, 2022 /PRNewswire/ — The mobile payment transaction market is expected to see a CAGR of 34.5% and is expected to grow from US$54.47 billion in 2022 at US$1055.36 billion by 2032.

The demand for mobile payment transaction solutions is driven by the expansion of high-speed mobile networks and the proliferation of smartphones. Growth of e-commerce businesses and digitization of payment systems are fueling developments in the industry.

There is intense competition in the consumer market due to the many payment service providers investing in their businesses. Companies building payment apps, including Google Pay, Alipay, Amazon Pay and others, are using innovative tactics to retain existing customers and gain new ones.

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The adoption of mobile payment transactions is expected to increase thanks to artificial intelligence (AI). AI helps companies assess their data and spot patterns. It also helps to track and determine consumer buying trends.

However, this raises concerns for customer security and increases the possibility of inappropriate use of their sensitive data. This is expected to hamper the growth of the mobile payment transaction market.

Players attract customers from United States and Canada by implementing tactics including refund and reward systems, among others. Moreover, strategic alliances between banks, payment services and network providers can also accelerate market expansion. Companies like Apple Pay, Advanzia Bank, Vodafone, Payconiq and others have invested in Europe to drive demand for mobile payment transactions.

Key takeaways from the mobile payment transaction market

  • The mobile payment transaction market is expected to have a CAGR of 34.5% during the forecast period.
  • The mobile payment transaction market is expected to have a valuation of US$1055.36 billion by 2032.
  • The mobile payment transaction market is valued at US$54.47 billion in 2022.
  • The mobile payment transaction market is segmented on the basis of technology, with the WAP/WEB segment expected to hold 60% share during the forecast period.
  • Based on the purpose, commodity purchasing holds the leading position in the mobile payment transaction market over the forecast period.
  • Asia Pacific expected to hold the largest mobile payment transaction market share with 35% by 2032.
  • Eastern Europe is expected to show a significant CAGR of 29.1% during the forecast period.

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Competitive analysis

Large companies are investing in the creation of innovative solutions for mobile payment transactions. In order to enter the industry, several network operators and mobile payment companies are working together and taking advantage of new opportunities.

GoogleWallet, Visa, MasterCard, PayPal, and Braintree are some of the major players in the mobile payment transaction market.

In order to offer value-added services and improve the consumer experience, major companies in the mobile payment transaction market are adopting these payment solutions. Companies are integrating payment choices into their internal application to provide a simple checkout process.

Recent Developments/New Launches:

  • Amazon Inc. and Affirm Holdings have worked together to provide specialized services called “buy now, pay later” (BNPL) to some of the best-known e-commerce customers in 2021. BNPL’s services were in high demand during the outbreak , according to the companies.
  • Boku Inc. introduced the first mobile payment network (M1ST) in August 2021, as well as more than 330 payment options such as real-time payment systems, mobile wallets and direct carrier billing. Thanks to a single integration, this launch is accessible in 900 different countries.

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Market by Segmentation

By technology:

  • SMS mobile payment transactions
  • WAP/WEB
  • USSD
  • NFC

Voluntarily:

  • Purchase of goods
  • Money transfer
  • Payment of bills
  • Ticketing
  • Other purpose

By region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

3.1.3. Opportunity

3.1.4. Tendencies

3.2. Scenario forecast

3.2.1. Demand in the optimistic scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in the conservative scenario

3.3. Opportunity Map Analysis

3.4. Investment Feasibility Matrix

3.5. PESTLE and Porter’s analysis

3.6. Regulatory landscape

3.6.1. By key regions

3.6.2. By key countries

3.7. Regional Parent Market Outlook

4. Global Mobile Payment Transactions Market Analysis 2017-2021 and Forecast, 2022-2032

4.1. Historical Market Size Value Analysis (USD Million), 2017-2021

4.2. Current and Future Market Size Value Projections (USD Million), 2022-2032

Read the full table of contents…

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