The growing e-commerce market plays a significant role in driving the global mobile payment transaction market. Apart from that, factors such as the
widespread use of smart phones, the fast-paced modern lifestyle, and the rising popularity of mobile payment systems fuel the global mobile payment
transaction market. The popularity of mobile payment transaction can be attributed to its inherent nature, which ensures swift and immediate transactions.
Changing consumer preferences coupled with high demand for immediate transactions is anticipated to give a major boost to the global mobile payment
Many financial institutions are also opting for mobile payment transactions because of unsatisfactory earnings from traditional sources of revenue.
Competitive calling rates in the voice segment are leading several telecom operators to opt for mobile payment transactions so that the problem of
declining profits can be tackled effectively. It is anticipated that owing to an expanding user base, the global mobile payment transaction market will
register a CAGR of 23.2% during the forecast period.
Near Field Technology: A Key Mobile Payment Transaction Technology
The global mobile payment transaction market is segmented on the basis of technology, application, and geography. Based on technology, the mobile payment
transaction market is segmented into SMS, near field communication (NFC), wireless application protocol (WAP), and unstructured supplementary service data
(USSD). NFC and WAP are the two key technology segments that will lead the global mobile payment transaction market in the forecasting horizon.
On the basis of application, the global mobile payment transaction market is classified into bill payments, merchandise payments, money transfers, and
ticketing. The three parties that constitute the mobile payment transaction process are the consumer, the merchant, and the particular financial
institution carrying out the transaction. Payment platform providers, mobile network operators, financial institutions, banks, and payment processing
agents are some of the end users that are expected to drive the mobile payment transaction market in the near future.
User-friendly Mobile Applications: An Ongoing Trend
Geographically, the global mobile payment transaction market is categorized into Asia Pacific, the Middle East, Eastern Europe, Western Europe, Africa, and
Latin America. Ongoing industry trends indicate that factors such as saturation of subscribers and continuously declining revenue from traditional loan and
credit systems will propel the global mobile payment transaction market in the years to come.
Most smartphones these days are equipped with user-friendly mobile applications that enhance the scope for online shopping. This in turn drives the demand
for mobile payment transactions. Although there are several factors that add to the growth of the mobile payment transaction market in the years to come,
there are certain factors that are expected to have an adverse impact on the growth of this market. Resistance to change and insufficient awareness amongst
the geriatric and rural populations about mobile payment transactions are the two main challenges facing the global mobile payment transaction market.
The popularity of mobile payment transaction is increasing across several industry verticals.
Some of the major companies in the global mobile payment transaction market are PayPal, Worldpay, Single Point, Google Wallet, Brain Tree, and MasterCard.
Browse the full Global Mobile Payment Transaction Market report at http://www.mrrse.com/global-mobile-payment-transaction-market