What is the Historic and Current Scenario of the M-commerce Payment Market?
The m-commerce payment market has seen considerable growth due to a variety of factors.
• In recent times, the M-commerce payment market has seen dramatic expansion. Predictions suggest the market will increase from $13.39 billion in 2024, ballooning to $18.39 billion in 2025 at a compound annual growth rate (CAGR) of 37.3%.
The previous growth in this market can be credited to factors such as the rise in mobile internet use, enhancements in secure payment technologies, the prevalence of e-wallets and mobile apps, convenience, and the overall improved user experience on mobile devices.
What are the Forecasted Growth and Key Factors of the M-commerce Payment Market?
The m-commerce payment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of M-commerce payment is projected to experience significant expansion in the forthcoming years, climbing to $75.09 billion in 2029 with a compound annual growth rate (CAGR) of 42.2%.
The anticipated development during the forecast period is a result of factors such as the surge in contactless payments, the adoption of biometric authentication, the application of blockchain in mobile transactions, the incorporation of AI and machine learning, and the proliferation of cryptocurrency payments. Prevailing trends that will shape this period encompass QR code payments, in-app transactions, the integration of mobile banking, payments through wearable devices, and direct mobile payments between individuals.
What Are the Critical Driver Fuelling the M-commerce Payment Market's Growth?
The anticipated surge in mobile and internet usage is projected to fuel the expansion of the m-commerce payment market. M-commerce payment involves the utilisation of portable gadgets like mobile phones and tablets to perform online business transactions, which encompass buying and selling goods, online banking, and bill payments. The rise in internet accessibility and penetration enables more individuals to utilise m-commerce solutions, thereby stimulating the market. For instance, as per a report issued by the International Telecommunication Union, a Switzerland-based specialized entity, in October 2023, nearly 67 percent of the world's population, equating to 5.4 billion people, have now become internet users. This indicates a hike of 4.7 percent from 2022, a remarkable increase compared to the 3.5 percent growth noted in the period 2021 to 2022. Thus, the escalating mobile and internet use is acting as a catalyst in the advancement of the m-commerce payment market.
How Is the M-commerce Payment Market segmented?
The m-commerce payment market covered in this report is segmented –
1) By Payment Method: Near Field Communication, Premium SMS, Wireless Application Protocol, Direct Carrier Billing
2) By Mode Of Transaction: Mobile Retailing, Mobile Booking Or Ticketing, Mobile Banking, Mobile Billing
3) By End-use Industry: Retail, Hospitality And Tourism, IT And Telecommunication, BFSI, Media And Entertainment, Healthcare, Airline
Subsegments:
1) By Near Field Communication (NFC): Contactless Payments, Mobile Wallets
2) By Premium SMS: One-Time Payments, Subscription Services
3) By Wireless Application Protocol (WAP): Mobile Web Payments, In-App Purchases
4) By Direct Carrier Billing: Digital Goods, Physical Goods
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What New Trends Are Influencing the M-commerce Payment Market?
There's a notable inclination towards the adoption of digital wallets in the m-commerce payment market, which is a dominant trend at present. Defined as software-driven systems, digital wallets securely store users' payment information, along with the passwords for various payment methods and websites. This allows users to make their purchases with ease and efficiency. For instance, Paytm, a renowned digital payments company based in India, unveiled an improved version of its payment platform that's backed by 100% homegrown technology in March 2023. Primarily, this platform is aimed at improving the consumer experience by offering better success rates, faster transactions, and enhanced security. The substantial enhancement of the payments platform with a completely native full-stack development promises to further push the digital payments scenario in the country.
Who Are the Key Players in the M-commerce Payment Market?
Major companies operating in the m-commerce payment market include:
• ACI Worldwide Inc.
• Alphabet Inc.
• Bharat Interface for Money
• Fidelity National Information Services (FIS)
• Fiserv Inc.
• Freecharge
• Mastercard Inc.
• MobiKwik
• Orange S. A
• PayPal Holdings Inc.
• PayU
• Samsung Group
• Square Inc.
• Visa Inc.
• Alibaba Group
• American Express Company
• Apple Inc.
• UnionPay
• Discover Financial Services LLC
• Ingenico SA
• Jack Henry & Associates Inc.
• Tencent Holdings Ltd.
• Boku Inc.
• Thales Group
• International Business Machines Corporation (IBM)
• Oxygen8 Solutions Inc.
• SAP SE
• BlueSnap Inc.
• Global Payments Inc.
• Klarna Bank AB
• Payoneer Global Inc.
• Paysafe Limited
• Stripe Inc.
What Is The Most Dominant Region In The M-commerce Payment Market?
Asia-Pacific was the largest region in the m-commerce payment market in 2024.Asia-Pacific is expected to have the highest CAGR in m-commerce payment market share. The regions covered in the m-commerce payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
