Global Mobile Payment Transaction Market will Witness a Robust Growth through 2020

Mobile payment transaction, also known as mobile money, has the potential to transform the manner in which we carry out our daily transactions. Mobile payment transaction offers consumers the flexibility of shopping without having to carry cash or credit cards along with providing them a secure and quicker payment method.

Proliferation of Smartphones has Laid the Foundation for the Mobile Payment Transaction Market

The growth of the global mobile payment transaction market can be attributed to the increasing smartphone penetration around the world. Today, smartphones have become an indispensable part of our daily lives. The ubiquity of smartphones has brought notable changes in the manner in which consumer behave and businesses have had to adapt to the changing behaviour to stay competitive.

The proliferation of smartphones has also impacted the payments industry. Consumers want to shop and make their payments in a seamless manner - this has created the demand for advanced mobile payment transactions. Although several mobile payment facilities were launched in late 1990s and early 2000s, due to lack of appropriate technology, the market never took off. However, in the last decade or so, there has been consistent innovation in radio-frequency identification (RFID) and near field communication (NFC), and this has led to renewed interest in the mobile payments transaction market.

Global Mobile Payment Transaction Market will Witness a CAGR of 39.2%

The global mobile payment transaction market is expected to witness a stellar growth and reach a valuation of US$ 2,849 Bn by the end of 2020. It is forecasted that the global mobile payment transaction market will expand at a CAGR of 39.2% in the next five years. As discussed previously, proliferation of smartphones will be the crucial driver for the growth of the mobile payment transactions market. Decline in revenues from the conventional credit and loan system is further anticipated to contribute to the growth of this market.

Lack of awareness about mobile payment in developing economies and a reluctance to shift from conventional payment methods are forecasted to be the inhibitors for the global mobile payment transaction market.

Market Segmentation of the Mobile Payment Transaction Market

On the basis of technology, the global mobile payment transaction market is segmented into:

• Near Field Communication (NFC)
• Unstructured Supplementary Service Data (USSD)
• Wireless Application Protocol (WAP)

Among these, the NFC segment is projected to register the highest CAGR of 46%. The WAP segment is anticipated to expand at a 41% CAGR.

On the basis of applications, the global mobile payment transaction market is segmented into:

• Money transfer
• Bill payment
• Merchandise purchase
• Ticketing
• Others

Asia Pacific is one of the key regions for the growth of the global mobile payment transaction market and it is forecasted that the region will account for 37% market share by 2020 on the basis of number of users. Other key regions for the mobile payment transaction market are North America, Western Europe, Middle East, and Latin America.

The key players in the global mobile payment transaction market are Apple Pay, PayPal, Google Wallet, and WorldPay. These key players are focusing on consumer adoption to consolidate their position in the market.

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