Integration of payment technology into mobile devices has revolutionized the world, and this trend is expected to bring major changes in the online payment industry. This global mobile payment transaction industry survey analyzes the global market and estimates it to be worth US$ 41.7 Bn in 2021, surging& 14X by the end of the decade.
Staggering growth of the mobile payment transaction industry is expected to be realized at a CAGR of 31% over the next ten years. The study suggests that the U.K. is estimated to hold more than 1/3 of the market share in the European region.
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Key Points Covered in Mobile Payment Transaction Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers, market trends, key players, market share, top markets and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on mobile payment transactions and how to navigate
- Recommendation on key winning strategies
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New Payment Portals to Boost Mobile Payment Transaction Market
The mobile payment landscape has been completely revolutionized in the past few years, and is expected to see some major changes in the near future as the trend gets more mainstream.
Rise in e-Commerce popularity and preference for online shopping have majorly boosted the use of online payment technologies. The recent huge influx of many payment services with convenient plans and easy user interfaces has led to major popularity of mobile payment transactions.
- The mobile payment sector is booming worldwide and Japan is no exception to this trend. With the race to create a popular one-stop payment solution intensifying, Japanese retail giant Aeon has announced that it will soon be launching its mobile payment service named Aeon Pay. To use this service customers will have to apply for an Aeon credit card. This can be used to pay retailers all over Japan.
- Boku has announced the launch of the world’s largest mobile payments network on 18 August 2021 by the name of MIST (aka Mobile First). The network is said to feature an unrivaled combination of over 330+ mobile payments and is anticipated to be accessible to over 5.7 Bn mobile payment accounts spanning over 90 countries. All of this will be made possible through a single integration.
The launch of such payment solutions will only propel the mobile payment transaction industry as the trend advances, and will aid market players to solidify their positions as they launch new portals and integrate new payment ecosystems.
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Growing penetration of smart devices and the introduction of features that can replace physical wallets have imparted an explosive growth to the mobile payment transaction market.
Growing preference for smart devices for different activities such as voice calling is fueling the adoption of mobile payment facilities. Different financial institutes are moving towards advanced and fast modes of transactions, compelling the consumers to follow the same.
Mobile transactions have emerged as a new source of income which is very lucrative in terms of growth prospects. The ease of use is one of the major factors driving the adoption rate of such solutions.
The booming e-Commerce industry has substantially surged the adoption of these payment methods, contributing a significant revenue in the market. The Middle East and Africa along with the Asia Pacific are projected to generate lucrative opportunities in the market.
Prominent market players are exploring new opportunities in mobile payments and transactions to expand their customer base. They are focused to develop innovative and attractive user interfaces to attract new customers.
Telecom companies are shifting their traditional transaction methods to the new mobile payment systems. Established players profiled in the global market are MoneyBookers, Paypal, Google Wallet, MasterCard, WorldPay, and Visa.
Mobile payments are transactions done with the help of a mobile phone. The mobile payment transaction market is worth billions of dollars and is estimated to be worth US$ 621 Bn in the year 2031, registering a CAGR of 31% during the assessment period.
This explosive growth in the mobile payments market is due to the spread and penetration of mobile phones in the populace and their increasing features that are replacing the physical wallet. In addition, people are using their smartphones for various other applications other than voice.
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Factors Influencing the Market
On the go lifestyle trends and increasing foothold of the mobile phones amongst the consumers, making them the preferred product for accessing various other applications other than voice calling is fueling the growth of the mobile payment systems.
Today’s consumers want faster and speedier transactions on the go and this consumer behavior is positively influencing the mobile payment transaction market.
Additionally, profits are declining from traditional sources of income and this is driving the financial institutions to try newer sources of income and profit. Also, the revenues from the traditional voice segments are declining for the telecom companies due to intense competition and consequently rock bottom call rates and they are looking for other lucrative sources of income, and mobile payment transaction market is one such lucrative source of income.
As per the research carried out by Persistence Market Research, mobile consumers need to understand the advantages and convenience that the mobile payment transaction market offers in order to switch over to this mode of payment.
Thus, consumers need to be made aware about the advantages that payments through mobile phone offers. Telecom companies, in addition of attracting new consumers are also exploring options to retain their existing consumers and transform them into a loyal customer base.
Booming ecommerce industry is one of the main reasons for the growth of the mobile payment transaction market. Amongst all the areas, merchandise purchases and ticketing is forecasted to contribute a significant share to the mobile payment transaction market.
The SMS segment is slated to witness an impressive CAGR during the forecast period and is estimated to hold 2/10 share in the year 2031, at the end of the forecast period.
As far as the technology segment is concerned, the WAP/WEB sub segment is poised to occupy more than 3/5 of the total market followed by the SMS sub segment.
Asia Pacific and Middle East & Africa are the most lucrative regions for the global mobile payment transaction market. The Asia Pacific market is projected to register a stellar CAGR during the forecast period of 2021-2031. At the end of the forecast period in 2031, the Asia Pacific region is projected to hold 3/10 of the market share.
Middle East & Africa is another lucrative region for the global mobile payment transaction market. The Middle East & Africa market is projected to register a phenomenal CAGR during the forecast period of 2021-2031. At the end of the forecast period in 2031, the Middle East & Africa region is projected to hold 1/4 of the market share.
Key Market Players
Key players of this market include MasterCard, PayPal, GoogleWallet, Braintree and Visa. The ease of operations of the mobile payment transaction market followed by easy user interface is driving the market all over the world for these companies.
FAQs Answered in Market Study
- How does the mobile payment transaction market report define the top 5 players in terms of market share?
The mobile payment transaction industry analysis estimated the top 5 players - Samsung, Google, Apple Inc., Amazon Inc., and PayPal - to collectively account for a mammoth 75% of the global market share.
- How is the mobile payment transaction market anticipated to fare over the next ten years?
The market is predicted to surge at an exceptional CAGR of 31% over the decade.
- How did the market perform over the past 5 years?
The mobile payment transaction market expanded at a phenomenal CAGR of 26.4% from 2016 to 2020.
- In terms of revenue, where will the market be in 2031?
This intelligence study has estimated the mobile payment transaction industry to amass revenue worth US$ 621 Bn by the end of 2031.
- What value is estimated by the analysts for the year 2021?
At present, the mobile payment transaction industry is worth nearly US$ 41 Bn.
- Which trends are expected to be prominent in the mobile payment transaction landscape?
Increasing share of mobile payments in the e-Commerce vertical is expected to be a major trend influencing the growth of the industry.
- Which aspects drive demand for mobile payment transactions?
Growing propensity to use smartphones, and increasing penetration of mobility and smart devices, are factors that are majorly driving market demand.
- What share did the U.K. hold in 2021?
The mobile payment transaction industry in the U.K. is estimated to hold a market share of more than 33% in the European region.
- How is the market in North America expected to fare?
The market in North America is expected to expand at a very healthy rate as the number of unmanned convenience stores is growing in the region.
- How is the market in Japan and South Korea expected to expand in terms of demand?
Demand for mobile payment transaction in South Korea and Japan is anticipated to rise at CAGRs of 31.3% and 28.2%, respectively.
- Which nations are controlling the demand for mobile payment transactions?
India, China, U.S., Japan, and South Korea are countries leading the market in terms of demand.
- Which nations are majorly responsible for the export of mobile payment solutions?
In terms of export, the U.S., Japan, India, and Germany are leading the industry.