Product Overview Mobile commerce, or m-commerce as it is more commonly known, is a type of electronic commerce. It refers to the use of portable devices such as a mobile phone or tablet to conduct business transactions online.
New York, June 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “M-commerce Payment Market: Segmented By Transaction Type; By Payment Method and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and forecast to 2030″ – https://www.reportlinker.com/p06191883/?utm_source=GNW
The term “mobile commerce” was coined in 1997 at the World Mobile Commerce Forum, with the precise definition being “the delivery of e-commerce capabilities directly to the consumer’s hand, anywhere, through wireless technology” . The m-commerce market has grown as a result of technological advancements such as faster computing speed, faster internet connection, advanced smartphones and efficient supply chain management. Digital wallets, which enable fast and secure transactions, are one of the main reasons why mobile commerce is becoming more and more convenient.
Global M-commerce Payment is expected to project a notable CAGR of 48.60% in 2030.
Global mobile commerce payment will exceed USD 185.78 billion by 2030 from USD 3.53 billion in 2020 at a CAGR of 32.9% in the coming years i.e. 2021-30. The M-commerce payment market is expected to be driven by growing mobile and internet penetration, as well as the adoption of smartphones for online shopping and banking payments. Demand for mobile payment systems such as Apple Pay, PayPal one-touch, and Amazon Pay, along with augmented reality technology advancements in wireless handheld devices, are expected to drive overall consumer demand for mobile commerce payment during the forecast period.
Global Mobile Commerce Payments Market: Segments
M-Retailing Segment Expected to Grow with Highest CAGR in 2020-30
Global M-commerce Payment is segmented by transaction type into M-Retailing, M-ticketing, M-Billing and others. The M-Retailing segment held the largest market share in 2020 due to the proliferation of mobile payment solutions such as Apple Pay, PayPal One-Tap, Visa Checkout, Amazon Pay and others. Consumer demand for online shopping and widespread adoption of smartphones for online shopping, on the other hand, are expected to create opportunities for M-commerce payment businesses, thereby propelling the growth of the market.
Near Field Communication Segment Expected to Grow with Highest CAGR in 2020-30
Global mobile commerce payment is segmented by Near Field Communication payment method, Premium SMS, Wireless Application Protocol and Direct Carrier Billing. During the forecast period, the Near Field Communication segment is expected to grow at the fastest rate. Apple Pay, Samsung Pay and Google Pay are some of the digital wallets that use NFC for contactless card machines, and this is expected to fuel the mobile commerce payment market. Using proximity radio frequency recognition, NFC phones can communicate with NFC-enabled card machines. To pass money, cell phones do not need to touch the point of sale, but they must be within inches of the terminal. Compared to chip and PIN technology, which takes longer to process, NFC requires direct and immediate transfer of encrypted data to point-of-sale devices. In London, for example, buses and tube stations allow payments over the phone via NFC, which is usually done by tapping the travel card.
Increased number of mobile users and profitable e-commerce method
The number of mobile device users has increased dramatically due to the advancements in mobile technology. M-Commerce, which is the mode of transactions conducted through mobile devices, has seen a major increase due to the usage of these mobile devices. Mobile devices are now at the forefront of a plethora of innovations and applications being developed by consumers and businesses around the world. Mobile commerce is considered a cost-effective method of delivering e-commerce to customers regardless of time or place. The basic characteristics of mobile, such as personalization, versatility and prevalence, demonstrate the enormous capacity, great fecundity and high profitability of the M-commerce market. Due to the rise of smartphones, tablets, handhelds, BYOD, and internet-enabled devices, the market is poised for strong growth prospects with investments in the near future.
Evolution of technology and increase in the number of Internet users
The future of mobile commerce services will be informed by developments in mobile device technology, cross-platform communication approaches, and user experience with mobile apps and services. The M-Commerce payments market is driven by factors such as the growing adoption of smart devices and the expansion of broadband connectivity. Mobile commerce platforms are also cheaper than conventional services such as lending, shopping, or marketing and advertising. The proliferation of media-rich mobile communication devices, growing number of internet users, higher broadband speeds and increased internet usage are expected to drive the growth of the mobile commerce market alongside the growth of the number of mobile devices. There are many mobile commerce apps in the market that one can take advantage of in several ways.
Application and network problem with fierce competition
Obstacles such as protection of knowledge flow, application and network infrastructure and fierce competition are expected to hinder the growth of the mobile commerce payments market.
Global M-commerce Payments Market: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Other top players
Global Mobile Commerce Payments Market: Regions
The global M-commerce payments market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
Global mobile commerce payment in Asia-Pacific held the largest market share in 2020 in terms of revenue. Consumers in emerging economies like China and India have more purchasing power and disposable income, which allows them to purchase more goods, which contributes to market expansion. North America has played a constructive role in establishing M-commerce as an important part of everyday business transactions. Some of the factors contributing to the growth of the market in the European region include growing customer base for mobile commerce, growing popularity of wearable devices, and proliferation of technology.
The global M-commerce payments market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Global M-commerce Payments Market Report Also Contains Analysis On:
Mobile Commerce Payments Market Segments:
By type of operation:
By payment method
Near field communication
Wireless application protocol
Direct carrier billing
Mobile Commerce Payments Market Dynamics
Mobile commerce payments market size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and Segmentation of the Mobile Commerce Payments Market Report
Frequently Asked Questions
What is the size of the M-commerce payment market?
What is the growth of the M-commerce Payment market?
Which segment accounted for the largest M-commerce payment market share?
Who are the key players in the M-commerce Payment market?
What are the factors driving the M-commerce Payment Market?
Read the full report: https://www.reportlinker.com/p06191883/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001