New York, NY -- (SBWIRE) -- 12/20/2017 -- The 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.
In terms of revenue, the global mobile payment transaction market revenues valued at US$ 549,917.7 Mn in 2015 will possibly reach US$ 2,849,231.4 Mn in the year 2020.
Mobile payment transaction volume will grow by a massive 41.7% during the forecast period 2015-2020. In terms of volume, the global mobile payment transaction market volume was 18,969.8 million transactions in the year 2015 and this is projected to increase by 106,001.5 million transactions by the year 2020.
Persistence Market Research forecasts the global mobile payment transaction market to register a CAGR of 39.1% through 2020 and reach US$ 2.89 trillion in revenues.
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Market dynamics
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. If taken at face value, a 41.7% volume growth looks amazing, but there is something to be concerned about. 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.
Market forecast
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 of 24.5% over the forecast period. In the year 2015, the revenue from the SMS segment was US$ 238,884.3 Mn and this is going to be at the value of US$ 678,117.1 Mn by 2020 end.
Mobile payments conducted through WAP/WEB will witness a CAGR of 48.0% during the forecast period. In the year 2015, the revenue from the WAP/WEB segment was US$ 164,386.1 Mn and this is going to be valued at US$ 1,725,209.6 at the end of the forecast period in the year 2020.
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.
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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 32% 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.
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