The mobile payment transaction market is expected to see a CAGR of 34.5%, and is projected to increase from US$ 54.47 billion in 2022 to US$ 1055.36 billion by 2032.
The demand for mobile payment transaction solutions is being boosted by the expansion of high-speed mobile networks and the proliferation of smartphones. Growing e-commerce companies and the digitization of payment systems are fueling industry developments.
There is intense rivalry in the consumer market as a result of numerous payment service providers investing in their companies. The companies that make payment apps, including Google Pay, Alipay, Amazon Pay, and others, are utilizing innovative tactics to keep their existing customer base and gain new ones.
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The adoption of mobile payment transactions is anticipated to increase as a result of artificial intelligence (AI). AI helps businesses evaluate their data and spot patterns. It also helps track and determine the purchase trends of consumers.
However, this raises customers' security worries and increases the possibility of improper use of their sensitive data. This is expected to obstruct the mobile payment transaction market growth.
The players are attracting customers from the United States and Canada by implementing tactics including payback and reward schemes, among others. Moreover, strategic alliances between banks, payment services, and network providers may also accelerate market expansion. Companies like Apple Pay, Advanzia Bank, Vodafone, Payconiq, and others have made investments in Europe to boost the demand for mobile payment transactions.
Key Takeaways of the Mobile Payment Transaction Market
● The mobile payment transaction market is expected to have a CAGR of 34.5% during the forecast period.
● The mobile payment transaction market is anticipated to have a valuation of US$ 1055.36 billion by 2032.
● The mobile payment transaction market is valued at US$ 54.47 billion in 2022.
● The mobile payment transaction market is segmented based on technology, wherein the WAP/WEB segment is expected to hold 60% share during the forecast period.
● Based on purpose, the merchandise purchase holds the leading position in the mobile payment transaction market during the forecast period.
● Asia-Pacific is expected to have the largest mobile payment transaction market share of 35% by 2032.
● Eastern Europe is anticipated to display a significant CAGR of 29.1% during the forecast period.
The major companies are making investments in the creation of innovative mobile payment transaction solutions. In order to enter the industry, several network operators and mobile payment companies are working together and taking advantage of the new opportunities.
GoogleWallet, Visa, MasterCard, PayPal, and Braintree are some of the major players in the mobile payment transaction market.
In order to offer value-added services and improve the consumer experience, the major businesses in the mobile payment transaction market are embracing these payment solutions. The businesses are integrating payment choices with their internal app to offer a simple payment process.
Recent developments/New Launches:
● Amazon Inc. and Affirm Holdings worked together to provide specialized services known as "buy now, pay later" (BNPL) to some of the most well-known e-commerce clients in 2021. BNPL services were in great demand during the epidemic, according to the businesses.
● Boku Inc. introduced the mobile first (M1ST) payment network in August 2021, along with 330+ payment options such as real-time payment systems, mobile wallets, and direct carrier billing. Through a single integration, this launch is accessible in 900 different nations.