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Remarkable Growth in E-commerce Market is Fuelling the Global Mobile Payment Transaction Market

Blog Description

Mobile payment, a concept that was not thought of till the recent past, has been growing at a very fast pace. Also known as mobile money transfer, mobile
money, and mobile wallet, these services are widely used across several industries around the world. Mobile payments are basically payment transactions
that are executed by using a mobile phone. It is an integrated technique, which is linked by several components of value chain such as consumers,
merchants, payment gateway, financial institutions, and telecom network.

Browse the full Global Mobile Payment Transaction Market Report:

Mobile payment transactions include several operations such as ticketing, merchandise payments, bill payments, money transfers, and others. Some of the
technologies used by the global mobile payment transaction market include short message service (SMS), near field communication (NFC), unstructured
supplementary service data (USSD), and wireless application protocol (WAP). Among all these technologies, WAP segment is expected to hold a market share of
around 40%, which will be further followed by SMS segment by the end of 2020. On the other hand, NFC segment is anticipated to exhibit a very high growth
rate at 46% through 2020.

Global Mobile Payment Transactions Market to Grow Enormously Due to the Rising Number of Smart Phone Users

According to the research study presented by Future Market Insights (FMI), the global mobile payment market, in 2014 stood at US$392 billion and is
estimated to reach US$2849 billion by the end of 2020. The market is expected to exhibit a remarkable CAGR of 39.2% between 2014 and 2020. Taking into
consideration the tremendously rising number of mobile users, the global mobile transactions market is expected to grow significantly at 23.2% CAGR from
2014 to 2020.

Some of the factors that are expected to fuel the growth of the global mobile payment transactions market are:

  • Tremendously increasing number of mobile users
  • Easy user interface and operations
  • Smart phone offering the facilities such as mobile wallet
  • Growing e-commerce industry

Browse the full Press Release of Mobile Payment Transaction Market:

Market Players to Take Initiatives to Make the Customers Aware of the Mobile Payment Transaction Benefits

On the flip side, the consumers in developing economies are still reluctant to use the mobile payment option due to the lack of knowledge regarding the
advantages it provides. As a result, the players operating in this market need to take certain initiatives to make consumers aware of its benefits, so as
to expand their customer base. These initiatives can also help the players in bridging the gap between the level of consumer awareness and their acceptance
to use the services.

Geographically, the Eastern Europe market of mobile payment transaction is expected to hold a small share of the market. However, the market will be
exhibiting a high growth rate of 29.1% in the coming years. In 2014, Asia Pacific held the largest share of the market and is expected to remain in its
position for the next few years, growing progressively at 22% CAGR between 2014 and 2020.