Mobile Payment Transaction Market to Reach US$ 768 Bn in 2016; Africa and Asia Pacific to Remain at the Forefront of Global Demand

Feb 25,2015 | Technology

Mobile payment transaction volume will grow by a massive 42% to reach 26,923.7 Mn in 2016, up from 18,969.8 Mn in 2015. In terms of value, this will represent nearly US$ 768.78 Bn, up from US$ 549.91 Bn in 2015. 

Global Mobile Payment Transaction Market

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Global Mobile Payment Transaction Market

Mobile payments will continue to be strong in APEJ and Africa, as unlike US and Europe, a majority of consumers don’t own a credit card, and are making a direct shift from cash to mobile payments. Growth will be particularly robust in China, where the entry of Apple and Samsung earlier this year has led to a renewed interest, sprucing up the already fiercely-competitive landscape.

While strong adoption in China will continue to boost the mobile payment market in Asia Pacific, making it the leading market globally in terms of volume, Africa will maintain its numero uno position in terms of value. The tremendous success of M-Pesa in Kenya has influenced consumers and businesses in other African countries to adopt mobile money, leading to a rapid increase in the Africa mobile payment market. Africa currently accounts for nearly 32% revenue share of the global mobile money market, with a subscriber base of over 100 million. Outside of Asia Pacific and Africa, the U.S. and Western Europe remain the other lucrative regions for mobile payment transaction market globally.

While mobile payment transactions will continue to grow, existing challenges, such as slow adoption of smartphone compatible POS systems by retailers will continue to impede growth. “While a 42% volume growth looks staggering, there’s more to what meets the eye. Apart from a few countries, consumers haven’t fully embraced mobile payments, in spite of its relatively better security features. However, given the enormous advantages mobile money offers over traditional payment options, it won’t be long before mobile payments become as ubiquitous as credit cards”, FMI said in its report.

By technology, SMS and WAP/WEB will continue to account for most of the transactions conducted worldwide. Mobile payments conducted through SMS will witness a year-on-year growth rate of over 28% and total US$ 385 Bn in revenues. Payments made through NFC, widely touted as the technology of the future, will witness the highest y-o-y growth rate, increasing at over 59% in 2016.

Browse Full: "Mobile Payment Transaction Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" Report at https://www.futuremarketinsights.com/reports/details/global-mobile-payment-transaction-market

Money transfer and merchandise purchases account for over 90% revenue share of the global mobile payment transaction market on the basis of end-use ‘purpose’. Mobile payments made for merchandise purchases will be worth US$ 323.73 Bn in 2016, up from US$ 228.32 Bn in 2015. Money transfer, the largest end-use purpose in the mobile payment transaction market, will grow by over 38% to surpass US$ 381 Bn in revenues.

Leading players operating in the global mobile payment transaction market are PayPal, Visa, MasterCard, Google Wallet, Apple Pay, Samsung Pay, and Alipay.

Long-term Forecast: FMI forecasts the global mobile payment transaction market to increase at a CAGR of 39.1% through 2020 and reach US$ 2.89 trillion in revenues.

Note to Editors & Journalists: Analysts who have compiled this report are available for interviews and quotes at press@futuremarketinsights.com

About Technology Division at Future Market Insights

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.