Mobile Payment Transaction: Booming E-Commerce Industry Primary Factor Boosting Market Growth

Mobile payments are payment transaction done with the help of a mobile phone. The mobile payments market is worth billions of dollars and was worth US$ 550 billion in the year 2015, and is expected to touch a value of US$ 2849 billion in the year 2020, registering a CAGR of 39.1% during the assessment period.

This explosive growth in the mobile payments market is due to the spread and penetration of mobile phones in the populace and their increasing features that are replacing the physical wallet.

On the go lifestyle trends and increasing foothold of the mobile phones amongst the consumers, making them the preferred product for accessing various other applications other than voice calling is fuelling the growth of the mobile payment systems.

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Additionally, profits are declining from traditional sources of income and this is driving the financial institutions to try newer sources of income and profit.

As per the research carried out by Persistence Market Research, mobile consumers need to understand the advantages and convenience that the mobile payment transaction market offers in order to switch over to this mode of payment. Thus, consumers need to be made aware about the advantages that payments through mobile phone offers.

Booming ecommerce industry is one of the main reasons for the growth of the mobile payment transaction market. Amongst all the areas, merchandise purchases and ticketing is forecasted to contribute a significant share to the mobile payment transaction market.

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The SMS segment is slated to witness a CAGR of 24.5% during the forecast period and is estimated to hold a share of 23.8% in the year 2020, at the end of the forecast period.

Asia Pacific and Middle East & Africa are the most lucrative regions for the global mobile payment transaction market. The Asia Pacific market is projected to register a CAGR of 39.5% during the forecast period of 2015-2020. In terms of revenue, the market of Asia Pacific was valued at US$ 146,140.6 Mn in the year 2015 and this is projected to reach a value of US$ 767,867.9 Mn in the year 2020.

Middle East & Africa is another lucrative region for the global mobile payment transaction market. The Middle East & Africa market is projected to register a CAGR of 34.0% during the forecast period of 2015-2020. In terms of revenue, the market of Middle East & Africa was valued at US$ 183,197.0 Mn in the year 2015 and this is projected to reach a value of US$ 822,858.0 Mn in the year 2020.

Key players of this market include MasterCard, PayPal, GoogleWallet, Braintree and Visa. The ease of operations of the mobile payment transaction market followed by easy user interface is driving the market all over the world for these companies.

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