The
global
m-commerce payments market
is prognosticated to flourish exceptionally within the forecast
period from 2107 to 2025. Due to advent of smartphones and other
electronic gadgets such as tablets, laptops, and so on, the global
m-commerce payments market is foreseen to prosper with robust CAGR of
46.9% in coming years. Alphabet Inc., ACI Worldwide, Inc., Apple
Inc., Fidelity National Information Services, Inc., DH Corporation,
Fiserv, Inc., Mastercard Incorporated, Jack Henry & Associates
Inc., Paypal Holdings, Inc., Visa, Inc., Square, Inc., and Samsung
Electronics Company Limited are some of the major firms leading the
global m-commerce payments market.
However, the market is still in
its initial stage and the consumers as well as merchants, both
haven’t embraced the technology to its fullest. Nevertheless,
because of constant thrust on technological advancements by keen
players leading to emergence of more effective and easy-to-navigate
user interfaces and better security of sensitive data, the market is
expected to tread a solid growth path in the next couple of years.
According to Transparency Market
Research, the global m-commerce payments market was evaluated at a
valuation of US$1.11 bn in 2017.This figure is estimated to reach
US$7.55 bn by 2022. On the basis of mode of payment, the peer-to-peer
transfer segment is projected to attain solid growth with a CAGR of
45.1% within the forecast period from 2017 to 2022. This segment is
expected to reach around US$2.7 bn by the end of 2022.
Geographically, North America is likely to dominate the global
m-commerce payments market with a solid CAGR of 47.4% within the
coming years, owing to several vendors operating in the region.
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The broader reach because of
mobility, rise in usage of smart devices, for example, smartphone and
tablets, rigorous efforts for the collaboration between offline and
online activities, and improved transmission capacity, which has
helped the transaction process are to name a few leading factors
propelling the global m-commerce market. Apart these, some other
advantages of m-commerce payment methods are improved security,
speedier checkout, and loyalty integration. Those are encouraging the
growth of m-commerce. Moreover, m-commerce is anticipated to become
less expensive than customary services, for example, managing an
account, marketing and advertisements, banking, and purchasing. These
aspects are expected to have a positive impact on the demand for
m-commerce payments. Different online networking platforms have
likewise installed “buy” buttons, which causes the marketers
generate leads much quickly.
Lack of Mobile-Friendly
Sites to Hamper Market Growth
In coming years, the companies
working in the global m-commerce payments market are expected to
provide extra attention to user experience as many of them usually
abandon the purchase process on an e-commerce website midway. In-app
payments, for example, Walmart Pay and Apple Pay not just enables the
end-users to make quick transactions, but it additionally encourages
the merchants to monitor their buying habits, which offers a
promising future.
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