Persistence Market Research forecasts the global mobile payment transaction market to surge at a CAGR of 31% over the next 10 years and reach US$ 621 Bn in revenue by the end of 2031. The study places the current market worth at US$ 41.7 Bn.
Mobile payment is an integrated system linked by various components of value chain which typically includes the merchant, the consumer, the financial institution involved and not to forget the payment gateway and the telecom network.
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Even though there will be tremendous growth in mobile payment transactions market, there are many challenges that are obstructing the growth of this market. A major challenge is the slow adoption of smartphone compatible POS systems by the retailers.
One of the major concerns is that apart from few countries, consumers haven’t fully accepted the concept of mobile payments, even though the facility is much more secure. However, given the inherent nature of the product, it wouldn’t be long before consumers all over the world use the facilities provided by mobile payments, as per the research report of Persistence Market Research.
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 robust CAGR over the forecast period.
Mobile payments conducted through WAP/WEB is anticipated to witness a stellar CAGR during the forecast period. Money transfer and merchandise purchases account for over 9/10 revenue share of the global mobile payment transaction market on the basis of end-use ‘purpose’.
Money transfer, the largest end-use purpose in the mobile payment transaction market, will grow by over 30%.
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The market for mobile payments will continue to be robust in APEJ and Africa, as majority of people there don’t own a credit card, in contrast of the situation in Europe and United States. So, consumers in APEJ and Africa are making a direct shift from using cash to using 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 in the Chinese market, making the competition more fierce and interesting.
Due to a strong showing in China, the market for mobile payment will continue to grow in the Asia Pacific region and this region will be the leading market in the world in terms of volume. However, in terms of value, it is Africa that will maintain its number one position in the mobile payment transaction market.
This is due to the spectacular success of M-Pesa in Kenya and this has influenced consumers and businesses in other regions of Africa to adopt the technology of mobile payments. This has boosted the market of mobile payment transaction market in Africa.
Currently, Africa has nearly 3/10 revenue share of the global mobile payment market, and boasts of a subscriber base of over 100 million. Other than Asia Pacific and Africa, Western Europe and United States are other lucrative regions for mobile payment transaction market the world over.
Leading players operating in the global mobile payment transaction market are PayPal, Visa, MasterCard, Google Wallet, Apple Pay, Samsung Pay, and Alipay.
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