London, UK -- (SBWIRE) -- 04/17/2015 -- Future Market Insights (FMI), in its latest report titled, "Global Mobile Payment Transaction Market Analysis and Opportunity Assessment, 2014 - 2020". FMI estimates that mobile payment transaction market was valued at US$ 392 Bn in 2014 and is estimated to reach US$ 2,849 Bn by 2020, exhibiting a CAGR of 39.2% during the forecast period.
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The global mobile payment transaction market mainly covers application, technology, and regions. On the basis of technology, the global mobile payment transaction market is segmented as premium SMS based payments, Wireless Application Protocol (WAP), Near Field Communication (NFC), and unstructured supplementary service data (USSD). Among all the aforementioned technology segments, Wireless Application Protocol Technology segment is anticipated to witness 41% CAGR through 2020. However, NFC technology is expected to exhibit a fastest CAGR of 46% during the forecast period.
By application type, the global mobile payment transaction market is segmented as merchandise purchase, ticketing, money transfer, bill payment and others.
Region-wise, the global market mobile payments transaction market is segmented as Asia Pacific, North America, Latin America, Eastern Europe, Western Europe, Middle East, and Africa. In terms of the number of user, Eastern Europe is expected to display a growth rate of 29.1 % between 2014 and 2020, followed by Latin America. Furthermore, the Asia Pacific dominated the global mobile payment transaction market with 38% market share in 2014 and is expected to account for 37% share in terms of number of users by 2020.
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Market Drivers and Restraints
The global mobile payment transaction market is driven by factors such as subscriber saturation due to high rate for voice call, and declining revenue growth from traditional credit and loan system. Furthermore, user friendly feature application in smartphones and increased online shopping are other factors, driving the global mobile payment transaction market during the forecast period. However, lack of awareness about mobile payment systems and hesitation to switch from traditional payments to modern payment system will decelerate the growth of the global mobile payment transaction market between 2014 and 2020.
Key participants are focusing on consumer adoption than solution development due to high competition. The recent shift towards consumer adoption from solution development by key players is expected to contribute to the growth of the global mobile payment transaction market over the forecast period. Key players in the global mobile payment transaction market are PayPal, Visa, MasterCard, World pay, Google Wallet and others.
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