Mobile Payment Transaction Market: APAC to Witness Significant CAGR Growth

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(Newswire.net — July 3, 2017) New York City, New York — Increasing purchases of mobile phones for multi-purpose applications among customers have contributed towards growth of the global mobile payment transaction market significantly. Moreover, growing trend of making online payments will further positively impact growth of the global market for mobile payment transactions in the upcoming years. Persistence Market Research has recently compiled a report, which reveals that the global mobile payment transaction market will witness 24.5% CAGR over the forecast period.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/12937 

Factors Fuelling Growth of the Global Market

Growing need for faster and speedier on the go transactions has revved up demand for mobile payment transactions globally. In addition, customers are increasingly purchasing mobile phones and smartphones for various applications that require online transactions. Such factors are likely to impact growth of the global mobile payment transaction market in the upcoming years.

As the consumer is the kingpin in the market today, increasing competition has compelled market players to offer platforms that enable customers to make online transactions. Moreover, with declining traditional voice segments, telecom companies are looking for opportunities to bag a lucrative deal. Another major challenge faced by the telecom companies are the low call rates in parallel to declining adoption of traditional calling methods. Due to such factors, the global mobile payment transaction market is likely to witness noteworthy growth in the upcoming years.

NFC Communication to Represent High Growth Rate

The SMS services among other services will account for a market share of 23.8% in 2020, and will register 24.5% CAGR during the predicted period. Ticketing and merchandise purchase is predicted to contribute a major share to the global mobile transaction market. Growing e-commerce industry will further propel growth of the global mobile payment transaction market by the end of 2020. The WEB/WAP technology among other technologies is likely to account for over 60% of the global market followed by SMS services. By 2020, NFC communication among other services is likely to represent a relatively high growth rate.

APAC to Represent a Lucrative Region

Middle East and Africa, and Asia Pacific will represent the lucrative regions among others for the global market of mobile payment transactions during the predicted years. The mobile payment transaction market in Asia Pacific will witness a growth of 39.5% CAGR by the end of 2020. The market for mobile payment transactions in this region accounted for US$ 146,140.6 million in 2015, and will account for US$ 767,867 million in terms of revenue by 2020. Asia Pacific market will account for a market share of 27% among other regions during the projected years. Middle East and Africa among other regions will represent another lucrative region by the end of 2020. This region will register 34.0% CAGR growth during the predicted years. The market for mobile payment transaction in MEA accounted for US$ 183,197.0 million in 2015, and is likely to account for US$ 822,858.0 million in 2020. This region will account for a market share of 28.9% by 2020-end.

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Market Players

Leading market players operating in the global market for mobile payment transaction include PayPal, MasterCard, Braintree, Visa, and GoogleWallet. Attributed to easy procedures regarding mobile payment transactions along with easy use, user interface is likely to fuel growth of the market players operating in the global market for mobile payment transactions during the predicted period.

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