Mobile Payment Transaction Service Market- Global Industry Analysis and Forecast 2025

Market for Mobile Payment Transaction Service Witnessing High Growth on Account of Ease of Use and Enhanced Experience

The global mobile payment transaction service market is witnessing a high growth on account of the enhanced experience offered by mobile applications for performing transactions. Users can initiate a transaction using mobile devices for services and goods through communication networks and this is boosting the demand for mobile payment transactions. Mobile payment allows users to pay for their goods and services instead of using check, cash, credit, and debit cards. Mobile money transfer, mobile money, and mobile wallet are some of the other names.

High Penetration of Smartphones behind Growth

The mobile payment transaction service is anticipated to expand at a whopping CAGR of 18.7% between 2017 and 2025. The market was worth US$768.8 bn in 2016. On account of the proliferation of smartphones across the globe, the market will witness high growth in the years to come. The growing adoption of mobile money services across financial institutions will fuel the growth of this market.

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Data Privacy and Security Threats to Be Key Concerns

The rapidly growing urban population and an increasing mobile broadband penetration will also boost the revenue of this market. On the other hand, the growing security threats will be a key challenge for the market. There are many concerns regarding data privacy and this will also hamper the growth of the market. In addition to this, the lack of awareness about mobile payment transaction services will pose a challenge and restrict the market’s growth.

NFC Segment to Emerge as Leading Technology in Mobile Payment Transaction Service

On the basis of technology, the market is segmented into WAP/WEB, USSD, SMS, and NFC. Of these technologies, the it is estimated that the NFC segment will witness highest growth and expand at a 24.2% CAGR from 2017 to 2025. By purpose, the market can be segmented into ticketing, air time top ups, merchandise purchase, bill payment, money transfer, and others. Of these, the money transfer segment accounted leading shares in 2016. The segment held 25.7% of the market that year. The growing adoption of mobile money services across financial institutions and other vendors will boost the growth of the segment.

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Asia Pacific Continues to Lead in Mobile Payment Transaction Service Market

On the basis of geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Of these, Asia Pacific is estimated to lead in the market. Asia Pacific is also leading currently and its growth is attributed to the increasing need for mobile payment transaction service due to a heightened penetration of internet across the countries in the region. It is estimated that Europe and North America will also be attractive markets for mobile payment transaction service in the coming years.

Some of the top companies identified within the global mobile payment transaction service market vare: PayPal Inc., Google Inc., Mastercard, Visa Inc., Worldpay, Skrill Limited (Moneybookers), Apple Inc., and LevelUp.

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