Technology Updates Mobile Payment Transaction Market

Global Mobile Payment Transaction Market to Increase at a CAGR Of 39.1% through 2020
and Reach US$ 2.89 Trillion in Revenues
The mobile payment is an integrated system linked by various components of value chain which
typically includes the merchant, the consumer, the financial institution involved and not to forget
the payment gateway and the telecom network.
In terms of revenue, the global mobile payment transaction market revenues valued at US$
549,917.7 Mn in 2015 will possibly reach US$ 2,849,231.4 Mn in the year 2020.
Mobile payment transaction volume will grow by a massive 41.7% during the forecast period 2015-
2020. In terms of volume, the global mobile payment transaction market volume was 18,969.8
million transactions in the year 2015 and this is projected to increase by 106,001.5 million
transactions by the year 2020.
Persistence Market Research forecasts the global mobile payment transaction market to register a
CAGR of 39.1% through 2020 and reach US$ 2.89 trillion in revenues.
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Market dynamics
Even though there will be tremendous growth in mobile payment transactions market, there are
many challenges that are obstructing the growth of this market. A major challenge is the slow
adoption of smartphone compatible POS systems by the retailers. If taken at face value, a 41.7%
volume growth looks amazing, but there is something to be concerned about. One of the major
concerns is that apart from few countries, consumers haven’t fully accepted the concept of mobile
payments, even though the facility is much more secure. However, given the inherent nature of the
product, it wouldn’t be long before consumers all over the world use the facilities provided by
mobile payments, as per the research report of Persistence Market Research.
Market forecast
By technology, SMS and WAP/WEB will continue to account for most of the transactions
conducted worldwide. Mobile payments conducted through SMS will witness a robust CAGR of
24.5% over the forecast period. In the year 2015, the revenue from the SMS segment was US$
238,884.3 Mn and this is going to be at the value of US$ 678,117.1 Mn by 2020 end.
Mobile payments conducted through WAP/WEB will witness a CAGR of 48.0% during the forecast
period. In the year 2015, the revenue from the WAP/WEB segment was US$ 164,386.1 Mn and this
is going to be valued at US$ 1,725,209.6 at the end of the forecast period in the year 2020.
Money transfer and merchandise purchases account for over 90% revenue share of the global
mobile payment transaction market on the basis of end-use ‘purpose’. Mobile payments made for
merchandise purchases will be worth US$ 323.73 Bn in 2016, up from US$ 228.32 Bn in 2015.
Money transfer, the largest end-use purpose in the mobile payment transaction market, will grow by
over 38% to surpass US$ 381 Bn in revenues.
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The market for mobile payments will continue to be robust in APEJ and Africa, as majority of