15-Jan-2021 | Zion Market Research
As per the researchers at Zion Market Research, the global mobile payment transaction market was valued at around USD 924.98 billion in 2018 and is anticipated to attain about USD 6,798.01 billion by 2025, growing at a CAGR of approx. 27.9% during the forecast period. The key firms engaged in the global mobile payment transaction market are Econet Wireless Zimbabwe ltd, MasterCard Incorporated, MTN Group Ltd, Orange S.A., Mahindra Comviva Safaricom Ltd, Bharti Airtel Ltd, Millicom International Cellular, and PayPal Holdings, Inc., among others. A few other firms marking their presence in the market are TIO Networks Corp., One97 Communications Ltd., Google Inc. for Google Wallet, and Apple Inc. for Apple Pay. Several approaches such as new product launches, agreements, deals, M&As, and others to make a strong base in the market. To cite, in Feb 2019, a new technology was introduced by Planeta Informatica and Visa that allows public transit operators across the world to carry out contactless payments easier and quicker than ever, and also is quite low-priced.
Increasing Demand From Customers For Mobile Payment Services Likely To Boost Market Growth
The growth of the global mobile payment transaction market is mainly fueled by the growing demand from customers for mobile payment transaction services. To fulfill the rising customer needs, gigantic capitals have been poured by the giant firms to simplify payment procedures globally. Stimulating launches in relation to payment wallets, cashbacks, and offers have coped to get the attention of nearly each economy class. In addition, cashless payments have numerous benefits over traditional payment alternatives such as shunning the threat of theft or loss of money. Moreover, the rising smartphone usage among all the budding economies has resulted in the development of mobile payment technologies. Furthermore, the advent of quick payment methodologies like banking apps, NFC, and point of sale (m-POS) has extensively driven the use of mobiles for making payments. Also, a key part is played by the advancement of the e-commerce industry in steering the rapid expansion of the global mobile payment transaction market.
The Asia Pacific Is Projected To Register Highest Growth Rate During The Forecast Period
The global mobile payment transaction market is bifurcated based on application, type of mobile pay, mode of transaction, and region. The market, based on mode of transaction, is divided into near-field communication, wireless application protocol (WAP), and short message service (SMS). On the basis of application, the market is categorized into energy & utilities, hospitality & transportation, entertainment, retail, healthcare, and others. On the type of mobile payment, the market is classified into mobile money and mobile wallet/bank cards. Regionally, Asia Pacific region is projected to register the greatest growth rate in the market during the forecast period. Countries, such as Japan, India, Australia, and China, are offering a stable ecosystem for the expansion of the mobile payment market. This is primarily attributable to the high implementation of mobile payments observed in this region owing to flourishing commerce-based platforms.
Browse the full “Global Mobile Payment Market - By Type Of Mobile Payment (Mobile Money And Mobile Wallet/Bank Cards), By Mode Of Transaction (NFC, WAP, And SMS), By Application (Energy & Utilities, Hospitality & Transportation, Entertainment, Retail, Healthcare, And Others), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/mobile-payment-transaction-market
The global mobile payment market is segmented as follows:
By Mode of Transaction
By Type of Mobile Pay
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