Mobile Payment Market Expected to Reach $ 4,574 Billion by 2023 | Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom I

Rise in penetration of smartphones, growth in m-commerce industry, and increase in adoption of mobile payment in developing countries have boosted the growth of the global mobile payment market. However, threat of data breach and security concerns hinder the market growth. On the contrary, surge in demand for quick and hassle-free transaction services are expected to create remunerative opportunities for the market players in the coming years.

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.

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Allied Market Research recently published a report, titled, “Mobile Payment Market by Mode of Transaction (SMS, NFC, and WAP), Type of Mobile Payment (Mobile Wallet/Bank Cards and Mobile Money), and Application (Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2016–2023”. The report states that the global mobile payment market accounted for $601 billion in 2016, and is expected to garner $4,574 billion by 2023, registering a CAGR of 33.8% during the forecast period.

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.

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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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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.

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