Mobile Payments Market Report, Published by Publisher, forecasts that the global market is expected to garner $3,388 billion by 2022, registering a CAGR of 33.4% from 2016 – 2022. Asia-Pacific is expected to witness the highest growth during the forecast period. Mobile payments through short message services (SMS) mode dominate the market, whereas near field communication (NFC) would witness growth in its market share in coming years and is anticipated to grow at a robust rate.
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Retail segment is projected to maintain its lead in the overall mobile payments market as the rising number of tech-savvy consumers are opting to shop online with their smartphone. Similarly, hospitality & transportation segment is anticipated to witness robust growth as these service providers have started to offer their services through online apps, since consumers are frequently making their travel bookings through mobile/smartphones.
Key players profiled in the report include 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.
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Increased penetration of smartphones and online services would accelerate the growth of the overall mobile payments market.
China would remain the leading revenue generating country throughout the period, growing at a CAGR of 35.1 % during the forecast period.
In 2015, mobile money accounted for 75% of the overall mobile payments market share.
Hospitality & transportation is anticipated to grow at an unprecedented rate of 34.5% during the forecast period.
Key players profiled in this report include Orange S.A. (France), Vodacom Group Limited (South Africa), MasterCard Incorporated (U.S.), Bharti Airtel Limited (India), MTN Group Limited (South Africa), Safaricom Limited (Kenya), PayPal Holdings, Inc. (U.S.), Econet Wireless Zimbabwe Limited (South Africa), Millicom International Cellular SA (Luxembourg), and Mahindra Comviva (India).
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This post was originally published on The Picayune Current