The enhanced experience offered by mobile applications along with surging consumer demand for advanced payment methods is driving the growth of the global mobile payment transaction service market. The growing adoption of these payment services by different vendors and financial institutions is strengthening the growth trajectory of the market. The quest for fast payment services is driving the millennial population towards such mobile-based solutions. Despite rapid growth, the market is facing challenges in terms of increasing cyber threats. The lack of awareness about such services is also hampering the market progress. Some of the major technologies used in the market are SMS, USSD, NFC, and WAP/WEB, of which NFC is projected to witness a steep hike in demand in the coming years. Different purposes involving these payment services include bill payment, money transfer, air time top-up, ticketing, and merchandise purchase. Owing to the increase in the penetration of internet services, Asia Pacific is estimated to hold significant market share in the coming years. North America and Europe are expected to generate lucrative opportunities for the service providers on the back of augmented demand for such services. Prominent players in the market include Apple Inc., PayPal Inc., Google Inc., MasterCard Inc., and Visa Inc.
The mobile payment transaction service is an integrated system linked by various components of the value chain which typically includes the merchant, the consumer, the financial institution involved and not to forget the payment gateway and the telecom network. The global Mobile Payment Transaction Service market was valued at US$ 768.8 Bn in 2016 and is expected to expand at a CAGR of 18.7% during the forecast period (2017–2025). Demand for Mobile Payment Transaction Service is expected to be driven by increasing consumer demand for advanced technologies and enhanced experience by mobile applications for performing transactions.
Proliferation of smartphones worldwide is expected to fuel market revenue growth over the forecast period. Increasing adoption of mobile money services across financial institutions and other vendors is another key market driver. Rapidly expanding urban population and a growing mobile broadband penetration is also anticipated to boost the revenue of the global mobile payment transaction service market over the forecast period.
Data privacy and the security threats associated with mobile payment transactions is likely to inhibit market growth during the forecast period. Further, lack of awareness of such systems is predicted to hamper revenue growth of the global mobile payment transaction service market.
Segmentation and Forecast
The Global Mobile Payment Transaction Service market is categorized on the basis of technology, purpose and region. On the basis of technology, the global market is segmented as WAP/WEB, SMS, NFC, and USSD. The NFC sub segment is anticipated to register a CAGR of 24.2% during the forecast period. On the basis of purpose, the global market is segmented into Air time top ups, Bill Payment, Merchandise Purchase, Money Transfer, Ticketing, and Others. The Money Transfer segment accounted for a market share of 25.7% in 2016. Moreover, increasing adoption of mobile money services across financial institutions and other vendors globally is expected to contribute primarily to the growth of the segment in the market. Among the various assessed regions, Asia Pacific accounted for the largest market share in 2016 owing to a growing need of Mobile Payment Transaction Service due to increase in internet penetration in the different countries within the region. Also, demand for Mobile Payment Transaction Service is increasing in the developed markets of North America and Europe.
Leading Market Players
Some of the top companies identified across the Mobile Payment Transaction Service market and profiled in the report are: PayPal Inc., Mastercard, Google Inc., Visa Inc., Skrill Limited (Moneybookers), Worldpay, Apple Inc., and LevelUp.
Persistence Market Research offers a four-year trend analysis for 2012 to 2016 and an eight-year forecast of the global Mobile Payment Transaction Service market between 2017 and 2025. This study demonstrates the market dynamics and trends globally across five regions North America, Latin America, Europe, Asia Pacific, and Middle East and Africa which influence the current nature and future status of the Mobile Payment Transaction Service market over the forecast period.
This research report provides detailed analysis of the Mobile Payment Transaction Service market and offers insights on the various factors driving popularity of these systems. The market study provides comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on technology, purpose and region. On the basis of technology, the market is segmented into WAP/WEB, SMS, NFC, and USSD. On the basis of purpose, the market is segmented into Air time top ups, Bill Payment, Merchandise Purchase, Money Transfer, Ticketing, and Others.
The report starts with an overview of the global Mobile Payment Transaction Service market in terms of value. In addition, this section includes analysis of factors, opportunity analysis and technology trends influencing the Mobile Payment Transaction Service market. Impact analysis of key growth drivers and restraints based on the weighted average model and PMR analysis and recommendations is included in this report to facilitate clients with crystal clear decision-making insights. A detailed analysis has been provided for each market segment in terms of market size analysis for Mobile Payment Transaction Service across the different regions. The report provides a detailed analysis covering key drivers, restraints and trends and key regional regulations. This section also highlights market presence (intensity map) for key representative market participants.
The next section presents a detailed analysis of the Mobile Payment Transaction Service market across various countries. It provides a market outlook for 2017–2025 and sets the forecast within the context of the Mobile Payment Transaction Service market, including latest technological developments as well as service offerings in the market. This study discusses key trends within countries contributing to the growth of the market, as well as analyses degree at which drivers are influencing this market in each region. Key regions and countries assessed in this report include North America (U.S., Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe (Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland and Rest of Europe), Asia Pacific (China, India, ASEAN, and Australia and New Zealand), Middle East and Africa (North Africa, South Africa, GCC, Rest of Middle East and Africa).
This report evaluates historical trends, present scenario and the growth prospects of the Mobile Payment Transaction Service market across various regions globally for the period 2017 –2025. We have considered 2016 as the base year and provided data for the trailing 12 months. To calculate the global Mobile Payment Transaction Service market size, we have considered country wise adoption rate of Mobile Payment Transaction Service across different verticals. Further, we have also analyzed the revenue contribution from Mobile Payment Transaction Service players. The forecast presented here assesses the total revenue by value across the market. In order to offer an accurate forecast, we have started by sizing the current market, which forms the basis of how the Mobile Payment Transaction Service market will develop in the future. Given the characteristics of the market, we have triangulated the outcome of different types of analyses, based on adoption trends.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market. In the final section of the report, we include a competitive landscape to provide clients with a dashboard view based on categories of providers in the value chain, presence in the Mobile Payment Transaction Service portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the Mobile Payment Transaction Service value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Mobile Payment Transaction Service market.
Key Segments Covered