Consumer Mobile Payments Market
The consumer mobile payments industry, which is currently valued at over US$ 870 million, will increase explosively at a spectacular 41.4% CAGR to generate US$ 27,771.8 million in revenues by the end of 2026, according to Persistence Industry Research’s most recent report.
Despite the fact that mobile phones were initially developed to enhance communications, consumers use them as wallets. Around the world, mobile digital payments are revolutionising the commercial landscape. Consumer mobile payment uptake has been influenced by the expansion of m-commerce platforms.
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Such an exponential growth for global consumer mobile payment market is factored by rising proliferation of smartphones and advanced features added to existing payment platforms. The world is flooded with various mobile wallets, and such applications are expected to remain trending in the years to come. Increasing burden on e-commerce platforms is also expected to get divested across m-commerce platforms.
Furthermore, government initiatives prompting adoption of cashless transactions is also stipulated to boost consumer mobile payments. Less time consumed by transactions, and immediate currency conversion serve as key proponents for consumer mobile payments.
Consumer mobile payments are also being preferred for their convenience in paying for anything, anywhere. Integrated consumer mobile payments are also becoming popular among merhcants. Consumer mobile payments are also becoming more protected through advanced security features.
Nevertheless, security breaches are observed to be top challenge faced by developers of consumer mobile payment applications. The report has outlined leading players in the global consumer mobile payment market, which include ACI Worldwide, Inc., Alphabet Inc., DH Corp, Fidelity National Information Services, Inc., Square, Inc., Fiserv Inc., Jack Henry & Associates Inc., MasterCard Incorporated, PayPal Holdings, Inc., Visa Inc., Apple Inc., and Starbucks Corporation.
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Key findings of the report, titled “Consumer Mobile Payments: Global Industry Analysis and Forecast, 2016 – 2026,” include:
Through 2026, over 90% of consumer mobile payments will be directed through remote mode of payments
Proximity mode of payment, however, will gain traction and showcase a gain of +140 BPS by 2026-end.
Among the remote mode of consumer mobile payments, m-commerce will remain a dominant segment registering 40.8% CAGR
During the forecast period, global consumer mobile payments taking place through NFC modes will register revenue growth at nearly 50% CAGR
Throughout the forecast period, retail will remain the largest end-user industry for consumer mobile payments, while verticals such as hospitality & tourism and IT & telecommunications are expected to bring over US$ 11 Bn revenues by 2026-end.
Asia-Pacific excluding Japan (APEJ) region is expected to register fastest revenue growth at 44.3% CAGR, while North America and Middle East & Africa will be observed as leading regions for growth of consumer mobile payments market.
Market Segmentation
By Region
APEJ
MEA
North America
Japan
Western Europe
Eastern Europe
Latin America
By End-Use Industry
Retail
Hospitality & Tourism
IT & Telecommunication
BFSI
Media & Entertainment
Healthcare
Airline
Others
By Mode of Payment
Remote
Peer-to-peer
M-commerce
Proximity
Near Field Communication
Barcode
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