Mobile Payment Market to Reach $ 4,574 Billion by 2023 With CAGR 33.8% from 2017 to 2023 : Orange S.A., Vodacom Group Limited, MasterCard Incorporated.

The rise in demand for easy and hassle-free purchase of goods and services results in increased preference of consumers toward digital and cashless payments. Several global players, such as Apple and Samsung, have designed new strategies to expand their reach and gain a larger share in the global mobile payment market.

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.

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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.

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.

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Prominent 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. Company overview, business performance, strategic moves and developments, and other key points are provided for the aforementioned companies. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.

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.

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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The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Increase is penetration of smartphones, growth in m-commerce industry, and rise in adoption of mobile payment in emerging economies drive the growth of the mobile payment market.

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