Global Mobile Payment Transaction Market: Overview
The mobile payment transaction industry has developed in the past few decades owing to the big giants proving their dominance in the global market. Advanced technologies easing the payment through mobiles and smartphones have also contributed to the importance of mobiles in the market. The urge of a convenient and cost-effective payment mode has further resulted in the introduction of niche and modern mobile applications, including Samsung Pay and Apple Pay, and mobile transaction technologies. Apple Pay introduced its services through over 2 Million retail stores; this shows the increasing acceptance of mobile payment by merchants.
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Global Mobile Payment Transaction Market: Growth Factors
The global mobile payment transaction market has enormous growth potential owing to its cashless and hassle-free medium of payment. On the other hand, it is yet an emerging market since customers are either unaware of the benefits or are unwilling to adopt it. A survey by Accenture PLC showed that about 52% people in North America know about mobile payments, but still only 18% utilize and take benefit of it regularly. Nevertheless, various offers including discounts or cash back have attracted the customers, further boosting the growth of the global mobile payment transaction market.
Global Mobile Payment Transaction Market: Segmentation
The global mobile payment transaction market is segmented on the basis of transaction mode, application, and type of mobile payment. Based on the mode of transaction, the global market is bifurcated as Wireless Application Protocol (WAP), Short Message Service (SMS), and Near Field Communication (NFC). On the basis of the type of mobile payment, the global market is segmented as mobile money and mobile wallets or bank cards. Different applications of mobile payment transaction comprise energy & utilities, entertainment, healthcare, hospitality & transportation, retail, and so on.
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Global Mobile Payment Transaction Market: Regional Analysis
Countries including Australia, Singapore, and Japan are some of the key markets that are on the verge to become a cashless market in the near future. Mobile payment transactions executed through NFC technology are also expected to experience considerable growth in Asia Pacific. This growth is mainly due to the payment convenience along with government initiatives taken to become a cashless society. For example, a bank card association based in China, China UnionPay, along with the major mobile network operator around the globe, China Mobile, has introduced an NFC payment service in more than 14 cities in China. This step is majorly taken to get the most out of on the increasing trend of mobile payment further boosting the mobile payment transaction market growth in this region.
Global Mobile Payment Transaction Market: Competitive Players
Major players in the global mobile payment transaction market include Vodacom Group Limited, Orange S.A., MasterCard Incorporated, MTN Group Limited, Bharti Airtel Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, PayPal Holdings, Inc., Mahindra Comviva, and Millicom International Cellular SA. Other key players dominating the market are One97 Communications Ltd., Google Inc. for Google Wallet, TIO Networks Corp., and Apple Inc. for Apple Pay.
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