Adoption and spread of mobile payment has resulted into the entry of leading companies such as Apple, Google, and MCX into the competitive landscape. These market players have launched new generation of transactional applications that not only streamline business process but also provide for greater transaction savings. With the growing number of end-users, focus would drift towards the security and speed of the transaction in the coming years.
Mobile Payments Market Report, Published by Allied Market Research, forecasts that the global market is expected to garner $3,388 billion by 2022, registering a CAGR of 33.4% from 2016 – 2022. Asia-Pacific is expected to witness the highest growth during the forecast period. Mobile payments through short message services (SMS) mode dominate the market, whereas near field communication (NFC) would witness growth in its market share in coming years and is anticipated to grow at a robust rate.
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Increased penetration of smartphones, growth in m-commerce industry, change in lifestyle, and the need for quick and hassle-free transactions are the major factors that drive the market growth. In order to expand their market share, global players such as Paytm, MasterCard, Apple, and Samsung have launched new mobile payment apps and mobile wallets that allow customers to make payments with their phones/smartphone.
By mode of transaction, in 2015, SMS accounted for about 54% of the overall mobile payments market revenue, followed by wireless application protocol (WAP), which covers one third of the overall mobile payments market size. However, NFC has high growth potential and is anticipated to exhibit CAGR of around 36% during the forecast period. Growing shipment of NFC enabled smartphones and increased merchant support for NFC technology across the point of sale terminals would fuel the growth of this segment.
Mobile payments through mobile wallets/bank cards are anticipated to witness the higher growth rate during the forecast period, owing to the increase in incentivization given by the market players for payment done via wallet and card. In addition, companies such as Paytm, which provide mobile wallet have collaborated with Uber to cater a larger customer base and make customers rides hassle free.
Retail segment is projected to maintain its lead in the overall mobile payments market as the rising number of tech-savvy consumers are opting to shop online with their smartphone. Similarly, hospitality & transportation segment is anticipated to witness robust growth as these service providers have started to offer their services through online apps, since consumers are frequently making their travel bookings through mobile/smartphones.
Asia-Pacific generated the maximum revenue in 2015. Moreover, it is anticipated to maintain its lead during the forecast period. However, North America and Europe have also indicated high growth potential, given that the customers are offered discounts and promotional offers while making mobile payments through mobile wallets and apps. For quick and easy money transaction, Mobile payments have become the most preferred medium among consumers.
Key players profiled in this report include Orange S.A. (France), Vodacom Group Limited (South Africa), MasterCard Incorporated (U.S.), Bharti Airtel Limited (India), MTN Group Limited (South Africa), Safaricom Limited (Kenya), PayPal Holdings, Inc. (U.S.), Econet Wireless Zimbabwe Limited (South Africa), Millicom International Cellular SA (Luxembourg), and Mahindra Comviva (India).