The mobile payment transaction market is poised for substantial growth, projected to achieve a commendable 4.2% CAGR and reach a significant valuation of US$ 2,500.5 million by the year 2033. This forecast underscores the increasing prominence and adoption of mobile payment solutions in the global financial landscape. As the world becomes increasingly digitalized, consumers are gravitating towards the convenience and efficiency offered by mobile payment transactions.
Factors such as the proliferation of smartphones, the expansion of e-commerce, and a growing emphasis on contactless transactions contribute to the optimistic trajectory of the mobile payment transaction market. The forecasted CAGR reflects a sustained demand for seamless and secure payment methods, positioning the market as a pivotal player in shaping the future of financial transactions.
Request for a Sample of this Research Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-262
Based on key applications, FMI has segmented the mobile payment transaction services market into money transfer, merchandise purchase, airtime top-ups, bill payment, ticketing, and ‘others’.
In terms of market value, the money transfer segment accounted for 51.1% share of the mobile payment transaction market in 2014. However, the segment is expected to lose 780 BPS by the end of 2020. In contrast, the merchandise purchase segment is anticipated to gain traction during the forecast period, accounting for a 49.9% share of the overall market revenue by 2020.
Airtime top-ups, bill payment, ticketing, and ‘others’ segments collectively accounted for an 8.3% share of the mobile payment transaction services market revenue; FMI estimates it to drop to 6.9% by the end of the forecast period.
The global mobile payment transaction volume is anticipated to reach US$ 106 Billion by 2020. In terms of volume, the merchandise purchase segment is anticipated to account for a 39.8% share of the market, witnessing an increase of 670 BPS.
The use of mobile payment services for money transfers is expected to witness a decline of 430 BPS in its market share by the end of the forecast period. Furthermore, the airtime top-ups segment is also anticipated to lose 480 BPS and account for a 19.2% share of the market volume by 2020.
Africa and Asia Pacific are the two most lucrative regions for the mobile payment transaction services market. In terms of value, these two regions collectively accounted for nearly 58% share of the global market in 2014. FMI forecasts that these two regions will continue to dominate the global market during the forecast period.
A key development in the global mobile payment transaction services market is that Asia Pacific will outpace Africa to become the largest market. FMI estimates Asia Pacific mobile payment transaction services market to account for 27% of the global mobile payment transaction service market revenue by 2020.
Among all the regions, North America is poised to witness significant growth. North America held a 22.8% value share of the global market in 2014, and it is anticipated that by 2020, it will increase to 24.9%.
In terms of transaction volume, Asia Pacific and Africa will continue to remain lucrative, however, strong growth in North America and Western Europe is anticipated to eat into their market share. On the other hand, the collective market share of Latin America, the Middle East, and Eastern Europe is projected to reach 10.4% by 2020.
The key companies profiled in FMI’s research report include PayPal, Visa, MasterCard, and Google Wallet. These companies are tying up with leading vendors to consolidate their position in this rapidly expanding market.
Seize the Opportunity: Buy Now for a Thorough Report
https://www.futuremarketinsights.com/checkout/262
Mobile Payment Transaction Market Segmentation:
By Technology:
- SMS Mobile Payment Transactions
- WAP/ WEB
- USSD
- NFC
By Purpose:
- Merchandise Purchase
- Money Transfer
- Bill Payment
- Ticketing
- Other Purpose
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
