Mobile Payment Transaction Market will Register a CAGR of 23.2% through 2020
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Increasing e commerce industry is one of the key factor behind the growth of mobile payments. Hence, amongst all application areas merchandise purchase is anticipated to contribute a significant share followed by ticketing. Globally, considering the number of users, mobile payment transactions market is anticipated to grow at a CAGR of 23.2% through 2020. Eastern Europe is estimated to hold a small portion of user base however is set to witness a high growth rate of 29.1% through the forecast period. In 2014. APAC held maximum number of mobile payment system users in 2014, and is estimated to continue the same trend growing a CAGR of 22% through 2020.
Mobile payments market was valued at US$ 392 billion in 2014, and is expected to reach US $ 2849 billion by 2020. Growing at a CAGR of 39.2% over the forecast period. The growth of mobile payment market is mainly attributed to the growing ubiquity of mobile phones and their increasing features replacing the physical wallet. Additionally consumers are increasingly getting comfortable with using their smartphones for applications other than voice.
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Technology wise WAP/WEB is anticipated to hold more than 40% of the total market share followed by SMS. However, NFC communication is set to grow with a high growth rate of approximately 46% through 2020. Key players of this market include GoogleWallet, Visa, MasterCard, PayPal, and Braintree to name a few. Easy user interface and ease of operations is expanding the number of mobile payment users across the globe.
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