Mobile Payment Market Expected to Surpass $4,574 billion by 2023

Mobile payment refers to the payment for goods or services or transfer of money through mobiles/smartphones. The mobile payment market is anticipated to grow at a CAGR of 33.8% from 2017 to 2023 to attain a market size of $4,574 billion by 2023. In the current scenario, services and goods providers extensively offer their services through mobile apps to assist customers by providing an easy and convenient shopping experience.

The rise in demand for easy and hassle-free purchase of goods and services results in increased preference of consumers toward digital and cashless payments. Several global players, such as Apple and Samsung, have designed new strategies to expand their reach and gain a larger share in the global mobile payment market.

Based on mobile payment type, the mobile payment market is bifurcated into mobile wallets/bank cards and mobile money. With the growth in awareness about mobile wallets, along with launch of mobile wallet apps such as Google wallets and Paytm, the mobile wallet segment is expected to witness robust growth in the coming years. However, mobile money is expected to remain the major revenue contributor throughout the analysis period. Based on application, retail occupied the largest share in the mobile payment market in 2016. With the advent of hotels and car rental apps, the hospitality & transportation segment is projected to witness the highest growth rate to reach $1,087,662 million by 2023.

Prominent players profiled 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. Company overview, business performance, strategic moves and developments, and other key points are provided for the aforementioned companies. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.

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SMS payments are a way to pay for goods and services through a text message sent from a smartphone. The amount of the purchase is either added to the monthly bill of the customer or deducted from the prepaid balance by the phone operator.

SMS mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone with SMS capabilities. SMS payments are used more in Europe to pay for parking and buy buses and trams tickets as compared to U.S. As SMS payments are dominant in the mobile payment market, people use this service to buy food, drinks, and for taxi service. Nowadays, SMS payments are also used by customers to avail digital services and products such as ringtones or to do televoting by sending a premium rate SMS.

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