Outstanding CAGR of 19% anticipated by Global Mobile Payment Transaction Service Market from 2018-2024
The mobile payment transaction service is an integrated system interconnected to a variable component of the value chain which includes merchant, the consumer, the financial institution, payment gateway and the telecom network. Mobile payment transaction service market is expected to grow on the ground of rising demand for advanced technologies and enhanced performance of mobile application for transactions.
Penetration of smartphones across the globe is projected to fuel the market growth for the next decade. At the same time, rising adoption of mobile money service in a financial institution is another major factor driving the market. In order to catch the attention of the customer, payment service provider are coming up with attractive offers such as cash back discounts which are expected to boost the market growth.
Currently, the rising trend of “go cashless” has encouraged the service providers to provide more online payment options thus, accelerating the market growth.
The increase in online purchases using smartphones has bolstered the mobile payment market. In addition, raising awareness of services like mobile banking apps and mobile wallet across the globe is driving the market growth. Moreover, factor like ease of making payments for any products and services from anywhere is likely to shape the demand for online payments applications.
The rise in disposable income and busy lifestyle are the key factors expected to fuel the market for mobile payment service.
Recently, Starbucks Corp. has launched the mobile order & pay service in the U.S. to enable customers to preorder and avoid waiting in long queues. Such initiatives from various companies are expected to escalate the market of mobile payment service at a significant pace.
Also, increasing e-commerce industry is one of the major factors behind the growth of mobile payments. The growth of mobile payment service is mainly attributed to the growing ubiquity of mobile phones along with their additional features replacing the physical wallets. Owing to ease in payment along with rising government initiatives towards cashless culture is taking the market growth in a positive outlook.
Furthermore, mobile payment through NFC technology is also projected to witness healthy growth in Asia-Pacific region. Also, countries like Australia, Japan, and Singapore are planning to become a cashless market in the near future. Besides, China UnionPay, a China-based bankcard association in collaboration with China Mobile, is a largest mobile network operator across the world, has introduced an NFC payment service in 14 cities in China to capitalize on the rising trend of mobile payment, this in turn is pushing the growth of mobile payments market in the region. Also, North America is matured markets for mobile payment owing to new key players is entering the markets.
“Global Mobile Payment Transaction Service Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024
” available with DecisionDatabases.com anticipates the market to grow from USD 893.1 Bn (2017) to USD 3018 Bn by 2024. The CAGR is expected to be 19% from 2018 to 2024.Ultimately, owing to its vital nature in today’s fast and busy lifestyle, mobile payments are gaining momentum across the globe. However, privacy and security issues coupled with the lack of awareness of benefits of m-payment transaction service are hampering the market growth.
Some of the key players involved in m-payment transaction service are PayPal, GoogleWallet, MasterCard, Visa, LevelUp, Brain Tree, MoneyBokkers, Worlpay, Clinkle and Single Point.
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