Mobile Payment Market is Striving in Worldwide with Top Key Players 2020 | Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc.

Surge in penetration of smartphones, rise in adoption of mobile payments in emerging countries, and rise of the m-commerce industry is expected to drive the growth in the global mobile payments industry. However, concerns regarding security and data breach are expected to restrain the market growth. On the other hand, the demand for rapid and hassle-free transactions are expected to offer opportunities for further growth.

Surge in penetration of smartphones, rise in adoption of mobile payments in emerging countries, and rise of the m-commerce industry is expected to drive the growth in the global mobile payments industry. Asia-Pacific accounted for more than one-third of the total market share in 2016 and is expected to remain dominant by 2023. This region would offer lucrative opportunities throughout the forecast period.

The global mobile payments market generated $601.3 billion in 2016, and is estimated to generate $4,573.8 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023.

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Mobile payments refer to payments or transactions made under financial supervision by regulatory bodies using a mobile device. This service does away with traditional alternatives such as credit cards, checks and cash, providing a high degree of ease to end users. Payments can be made by using apps such as Square Wallet which need to be installed on the customer’s phone, and which needs to be linked to their financial credentials.

Geographically, the report discusses the market into North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Asia-Pacific accounted for more than one-third of the total market share in 2016 and is expected to remain dominant by 2023. This region would offer lucrative opportunities throughout the forecast period, growing at the highest CAGR of 35.5% during the forecast period.

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Key market players discussed 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. They have implemented different strategies including partnerships, new product launches, mergers & acquisitions, joint ventures, collaborations, and others to gain stronghold in the industry.

Based on type of mobile payment, the research segment the market into mobile money and mobile wallet/bank cards. The mobile money segment held the major share with nearly three-fourths of the total share in 2016, and is expected to maintain its lion's share during the forecast period. However, mobile wallet/bank cards segment is estimated to grow at the highest CAGR of 35.2% from 2017 to 2023.

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The report offers detailed segmentation of the market based on mode of transaction into SMS, near field communication (NFC), and wireless application protocol (WAP). The SMS segment accounted for more than half of the total share in terms of revenue in 2016, and is estimated to maintain its position during the forecast period. However, the NFC segment is expected to register the highest CAGR of 36% from 2017 to 2023.

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