Mobile Payment Market to 2025 (33.8% CAGR Expected) Top Player Profiles – Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings Inc. and More

According to a new report published by Allied Market Research, titled, Mobile Payment Market by Mode of Transaction, Type of Mobile Payment, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the mobile payment market was valued at $601 billion in 2016, and is projected to reach $4,574 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023. The Asia-Pacific mobile payment industry segment is anticipated to grow at the highest rate during the forecast period.

The Asia-Pacific generated the highest revenue in the mobile payment market in 2016 due to increase in number of youth population that is active on online media in India, growth in m-commerce, and introduction of innovative solutions by the key players in the region. The mobile payment market in LAMEA is expected to grow at the CAGR of 31.4% during the forecast period.

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SMS segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 33.5%. Among applications, hospitality & transportation is expected to witness highest CAGR of 34.9% during the forecast period.

The report features a competitive scenario of the mobile payment industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the mobile payment market.

Key Findings of the Mobile Payment Market:
• The SMS segment accounted for the highest share of the mobile payment industry by mode of transaction in 2016, growing at a CAGR of 33.5% from 2017 to 2023.
• The mobile money systems market by type of mobile payment generated the highest revenue share in 2016 and is projected to grow at a rate of 33.3%.
• The U.S. mobile payment market generated the highest share, valued at $58,638 million, in terms of revenue in 2016.
• The mobile payment market for hospitality & transportation application is expected to witness the highest growth rate during the forecast period.

Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living. The mobile payment trend has taken over traditional payment method, owing to current cashless transactions done using mobiles as a payment method. This payment method is easy and a hassle-free way to pay money virtually. Increased adoption of mobile payment in emerging economies of Asia-Pacific is expected to continue to foster growth in the mobile payment market in the coming years.

Mobile payment is used in stores and to make remote location payment via messages or mobile apps. Different types of mobile payment mediums, such as near-field communication (NFC), have been developed to provide faster money transactions. The mobile payment industry witnessed an important development when Apple announced the launch of Apple Pay, its new payment feature. This feature enables iPhone 6 and 6 plus customers to make payments at more than 200,000 retail locations in the U.S. In addition, in 2015, Starbucks Corp. launched the Mobile Order & Pay Program across the U.S. to enable customers to preorder and avoid waiting in long queues, thus boosting the market growth. Growth in e-commerce industry, increased penetration of smartphones, change in lifestyle, and the need for quick and hassle-free transactions drive the market growth. However, data breaches and security concerns impede this growth. Rise in knowledge, exposure to social media, and high potential in emerging economies are projected to present numerous growth opportunities for mobile payment market in the near future.

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The mobile payment market is categorized by mode of transaction, type of mobile payment, application, and geography. By mode of transaction, it comprises short message service (SMS), near-field communication, and wireless application protocol (WAP). Based on the type of mobile payment, it is bifurcated into mobile wallet/bank cards and mobile money. By application, it is sub-segmented into entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. As per the analysis, Asia-Pacific accounted for the largest mobile payment market share in 2016, owing to high mobile penetration platform for e-commerce transactions.

Key players profiled in the report include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva.

KEY BENEFITS FOR STAKEHOLDERS
• In-depth analysis of the global mobile payment market along with its dynamics is provided to understand the market scenario.
• Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
• Porter’s Five Forces analysis examines the competitive structure of the mobile payment market and provides a clear understanding of the factors that influence the market entry and expansion.
• A detailed analysis of the geographical segments enables identification of profitable segments for market players.
• Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided in the report.
• Detailed analysis of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions.
• Profile analysis of leading players that operate in the mobile payment market are provided in the report, which highlight the major developmental strategies such as mergers & acquisitions, expansions, and new product launches adopted by these companies.

Segment Review: Mobile Payment Market
The mobile payment market is categorized by mode of transaction, type of mobile payment, application, and region. By mode of transaction, it comprises short message service (SMS), near-field communication, and wireless application protocol (WAP). Based on the type of mobile payment, it is bifurcated into mobile wallet/bank cards and mobile money. By application, it is sub-segmented into entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and others. By region, the mobile payment industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. As per the analysis, Asia-Pacific accounted for the largest mobile payment market share in 2016, owing to high mobile penetration platform for e-commerce transactions.

Short Message Service (SMS)
SMS payments are a way to pay for goods and services through a text message sent from a smartphone. The amount of the purchase is either added to the monthly bill of the customer or deducted from the prepaid balance by the phone operator.

SMS mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone with SMS capabilities. SMS payments are used more in Europe to pay for parking and buy buses and trams tickets as compared to U.S. As SMS payments are dominant in the mobile payment market, people use this service to buy food, drinks, and for taxi service. Nowadays, SMS payments are also used by customers to avail digital services and products such as ringtones or to do televoting by sending a premium rate SMS.

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