Mobile Payment Transaction Service Market Growth to be Fuelled by Advancements in Technology

The mobile payment transaction service is an integrated system linked by various components of the value chain which typically includes the merchant, the consumer, the financial institution involved and not to forget the payment gateway and the telecom network. The global Mobile Payment Transaction Service market was valued at US$ 768.8 Bn in 2016 and is expected to expand at a CAGR of 18.7% during the forecast period (2017–2025). Demand for Mobile Payment Transaction Service is expected to be driven by increasing consumer demand for advanced technologies and enhanced experience by mobile applications for performing transactions.

Market Dynamics

Proliferation of smartphones worldwide is expected to fuel market revenue growth over the forecast period. Increasing adoption of mobile money services across financial institutions and other vendors is another key market driver. Rapidly expanding urban population and a growing mobile broadband penetration is also anticipated to boost the revenue of the global mobile payment transaction service market over the forecast period.

Data privacy and the security threats associated with mobile payment transactions is likely to inhibit market growth during the forecast period. Further, lack of awareness of such systems is predicted to hamper revenue growth of the global mobile payment transaction service market.

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Persistence Market Research presents a revised forecast for the global mobile payment transaction service market titled “Mobile Payment Transaction Service Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025.” According to this report, the global Mobile Payment Transaction Service market was valued at US$ 768.8 Bn in 2016, and is expected to register a CAGR of 19.2% from 2017 to 2025. Increasing adoption of mobile money services across financial institutions and other vendors globally is the major factor driving revenue growth of the global Mobile Payment Transaction Service market.

The mobile payment transaction service is an integrated system linked by various components of the value chain which typically includes the merchant, the consumer, the financial institution involved and not to forget the payment gateway and the telecom network. The Global Mobile Payment Transaction Service market is categorized on the basis technology, purpose and region. On the basis of technology, the market is segmented as WAP/WEB, SMS, NFC, and USSD. The NFC sub segment is anticipated to register a CAGR of 24.2% during the forecast period.

On the basis of purpose segment, the market is segmented into Air time top ups, Bill Payment, Merchandise Purchase, Money Transfer, Ticketing, and Others. The Money Transfer segment accounted for a market share of 25.7% in 2016. Moreover, increasing adoption of mobile money services across financial institutions and other vendors globally is likely to contribute primarily to the growth of the segment in the global market in the coming years.

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This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of the global Mobile Payment Transaction Service market in regions including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these regions, Asia Pacific accounted for the largest market share in 2016 owing to a growing need of Mobile Payment Transaction Service due to increase in internet penetration in different countries in the region. Also, demand for Mobile Payment Transaction Service is increasing in the leading markets of North America and Europe.

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