APAC to Register Fastest Growth in the Mobile Payments Market by 2026

(Newswire.net — July 27, 2017) New York City, New York — Expansion of m-commerce platform and increasing adoption of smartphones has led to an upsurge in demand for making transactions through mobile devices. Moreover, governments in various countries are increasingly taking initiatives to propel cashless transactions. Such factors are likely to impact growth of the global mobile payments market positively.

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Factors Fuelling Growth of the Global Market

 The government is taking various initiatives to encourage people to make cashless transaction globally. This is likely to impact growth of the global mobile payments market positively during the predicted period. Growing adoption of smartphones embedded with enhanced features has given end users the access to various applications that enable them to make online transactions. Expansion of m-commerce applications will further rev up demand for mobile payments, which is likely to impact growth of the global mobile payments significantly. The need for converting currency and having a fast transaction process has revved up demand for mobile payments globally. Such factors are likely to impact growth of the global mobile payments market significantly during the predicted period. Furthermore, growing trend among merchants for integrating payment and transactions of customers through smartphones will further contribute towards growth of the global mobile payments market throughout 2026.

Despite the fact that smartphones are integrated with advanced security features, security breaches have been a major challenge faced by various developers. Such factors are likely to impact growth of the global mobile payments market negatively by the end of 2026. Preference for convenient and fast transaction processes has led consumers to make payments through m-commerce platforms rather than e-commerce platforms. Such factors will contribute towards growth of the mobile payments market significantly during the predicted period.

Retail Industry to Represent a Leading Segment

Remote payment methods among others will represent 90% of the mobile payments of consumers by the end of 2026. Proximity payment method is likely to gain traction in the global mobile payments market. This segment will represent + 140 BPS gain by the end of 2026. NFC payment method among others will reflect a CAGR growth of around 50% in the global mobile payment market during the predicted period. Retail industry will represent a major end user among other industries in the global market of mobile payments by 2026 end. This segment will register a robust growth of 45.4% CAGR in the global mobile payment by the end of 2026. IT & Telecommunication and hospitality & tourism are likely to represent more than US$ 11 billion in terms of revenue by the end of 2026.

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APAC to Register Fastest Growth in the Global Market

MEA and North America will represent a dominant region in the global mobile payment market during the predicted period. Moreover, APAC among other regions is likely to reflect a relatively fast growth in terms of revenue in the global mobile payments market by the end of 2026.

Market Players

Major market players operating in the global mobile payments market include Alphabet Inc., ACI Worldwide, Inc., Fidelity National Information Services, Inc., DH Corp, Fiserv Inc., Square, Inc., MasterCard Incorporated, Jack Henry & Associates Inc., Visa Inc., PayPal Holdings, Inc., Starbucks Corporation, and Apple Inc.