The mobile payment market is an integrated system linked with various components of value chain such as merchant, financial institution, consumer payment gateway and the telecom network.

New York, NY -- (SBWire) -- 08/10/2017 --Revenues from the global mobile payment transaction market accounted for US$ 549,917.7 Mn in 2015. A recently published research report by Persistence Market Research (PMR) estimates the global mobile payment transaction market to register a CAGR of 39.1% during 2015-2020.

However, challenges such as slow adoption rate in POS system acceptance, adoption of emerging technologies in developing countries, frequent service failures during transaction and people's trust over mobile transaction system are expected to hinder growth of the market.

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Prevalence of SMS System to Impact Market Growth

The short message system is a socialized system of asynchronous communication across the globe. Increased adoption of free web massage system, with the native and regional service providers launching cost effective SMS services is expected to be an influencing factor for the market growth. Revenue from SMS segment accounted for US$ 238,884.3 in 2015, which is further expected to reach US$ 1,725,209 by 2020-end. SMS and WAP/WEB will account for majority of the transactions perceived worldwide. Mobile payments conducted by SMS will witness a vigorous 24.5% CAGR during the forecast period.

Rapid Adoption of E-services and Government Initiatives

Evolution of WAP/ WEB services and compatible mobile technology satisfying the most of the consumers in the market, as the effect overall regional as well as multinational financial institutions facilitating free mobile applications (App) suitable for each cell phone platform. Due to evolution in cell phone versions, the WAP/ WEB service has become resilient to launch new network types such as 3G, 4G and 5G enabled devices, which runs on VoLTE network with abundant noise reduction. Increasing availability of Wi-Fi networks at homes as well as workstation fuels adoption of convenient e-payment service. In developing countries, such as India, the government Initiatives promoting e- registrations, e- documentation and e- applications are fuelling demand for mobile payment transaction. It is estimated that the money transfer, and mobile transaction market will expand predominantly to surpass US$ 381 Bn by 2020-end.

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Affected by government initiatives, and extreme demand by service sectors, the IT sector is experiencing development and deployment of new mobile applications, which is further expected to fuel demand for mobile payment, and linked system gateways. WAP/WEB segment is projected to be valued at US$ 1,725,209.6 by the end of 2020. However, the wide spared e-hack attacks and Ransom ware attacks are estimated to fluctuate this segment.

APEJ and APAC to continue leading the Mobile Payment Transaction Market

Due to vast adoption of core technologies, and continuously growing infrastructure investments, APEJ will remain the most lucrative region for mobile payment transaction market. Consumers in APEJ and MEA region are shifting their preferences from using mobile payments over cash. Mobile payment market growth in China seems particularly strongest. This is particularly due to hold of major market players like Apple and Samsung in Chinese market which made competition fairer and interesting.

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Due to major acceptance in China the market for mobile payment will remain steady in APAC region. In terms of volume APAC region remain the leading market in world. However, in terms of value Africa will maintain the top position in the mobile payment transaction market. As the spectacular response for M-Pesa in Kenya and its influence on consumers and businesses in other African regions to adopt mobile payment technology. Therefore Africa shows the elevated growth in mobile payment transaction market with signed over 100 million subscribers. Africa possesses over 32% revenue shares of the global mobile payment market with 100 Mn. new service subscribers. Western Europe and the United States are other lucrative regions other than Asia pacific and Africa for mobile payment transaction market in the world.

Competitive landscape

Leading players operating in the global mobile payment transaction market are PayPal, Visa, MasterCard, Google Wallet, Apple Pay, Samsung Pay, and Alipay.