The global mobile payment transaction market is expected to experience accelerated growth over the next few years. His virtual world now takes center stage. With end users demanding specialized settings and solutions, the other side of the table would be enhanced by lower maintenance costs. Nearly 50% of the company is expected to consider a virtual mode of operation by 2040.
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 and not to mention the payment gateway and the telecommunications network.
In terms of revenue, the global mobile payment transaction market revenue valued at US $ 549,917.7 million in 2015 is likely to reach US $ 2,849,231.4 million in 2020.
The volume of mobile payment transactions will increase by 41.7% during the forecast period 2015-2020. In terms of volume, the global mobile payment transaction market volume was 18,969.8 million transactions in 2015 and is expected to grow by 106,001.5 million transactions by 2020.
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Persistence Market Research predicts that the global mobile payment transaction market will register a CAGR of 39.1% through 2020 and reach $ 2.89 trillion in revenue.
Even though there will be huge growth in the mobile payment transaction market, there are many challenges hampering the growth of this market. A major challenge is the slow adoption of smartphone-enabled point of sale systems by retailers. At first glance, a volume growth of 41.7% seems incredible, but there is cause for concern. One of the main concerns is that outside of a few countries consumers have not fully embraced the concept of mobile payment, although the installation is much more secure. However, given the inherent nature of the product, it wouldn’t be long before consumers around the world used the facilities provided by mobile payments, according to the research report from Persistence Market Research.
By technology, SMS and WAP / WEB will continue to represent most of the transactions carried out in the world. Mobile payments made via SMS will experience a robust 24.5% CAGR during the forecast period. In 2015, SMS segment revenue was US $ 238,884.3 million and this will represent a value of US $ 678,117.1 million by the end of 2020.
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Mobile payments made via WAP / WEB will experience a CAGR of 48.0% during the forecast period. In the year 2015, WAP / WEB segment revenue was US $ 164,386.1 million and will be valued at US $ 1,725,209.6 at the end of the forecast period in 2020.
Money transfers and merchandise purchases account for over 90% of global mobile payment transaction market revenue based on end-use ‘purpose’. Mobile payments made for merchandise purchases will amount to US $ 323.73 billion in 2016, compared to US $ 228.32 billion in 2015. $ 381 billion in revenue.
The mobile payments market will continue to be robust in APEJ and in Africa, as the majority of people do not have a credit card there, unlike in Europe and the United States. Thus, consumers in APEJ and in Africa go directly from cash to mobile payments. Growth in 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 fiercer and more 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 in terms of volume. However, in terms of value, it is Africa that will maintain its number one position in the market for mobile payment transactions. This is due to the spectacular success of M-Pesa in Kenya and it 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 nearly 32% of the global mobile payments market revenue and boasts a subscriber base of over 100 million. Besides Asia-Pacific and Africa, Western Europe and the United States are other lucrative regions for the mobile payment transaction market around the world.
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The major players operating in the global mobile payment transaction market are
- Pay Pal
- google wallet
- Apple Pay
- Samsung Pay and Alipay.
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