Mobile Person-to-person Form Of Payment: Major Driver For The Global Mobile Payment Market

Triton Market Research presents the Global Mobile Payment Market report, which is segmented by type of payment (Mobile Person to Person Transfer (P2P), Mobile Commerce, Various Mobile Commerce Services, Prepaid Mobile Wallet, In-App Billing, Carrier Billing and Closed Loop Payments) and by medium (SMS, Internet, USSD and Contactless).

Triton Market Research estimates the compound annual growth rate of the Global Mobile Payment Market to be roughly around 21.65% during the forecast period 2019-2027. Mobile payment stands for the payment services carried out through smartphones and operated under strict financial regulations. Most mobile payment methods address a domestic economy or have been specifically developed for electronic commerce websites. Factors like the preference of mobile payments over traditional banking methods, technological advancements, its acceptance by small merchants and businesses and its extensive use by unbanked population are driving the said market growth.

The mobile P2P type of payment is the dominating segment that is operated by SMS based model where money is transferred via text message or internet, although there is a definite limit on the money transaction at a particular time.

The Triton’s Mobile Payment Market report is geographically categorized into North America, Europe, Asia Pacific and Rest of World. Amongst all, North America is leading the global mobile payment market by contributing colossal share in the year 2018. This growth of the market is attributed to the increasing adoption in the developing countries of the Asia Pacific and Africa. These situations are creating significant opportunities for the market in future.

The Asia Pacific region is evolving at a rapid pace over the forecasting years. The key drivers such as the government support, increasing internet penetration and growing mobile subscriber base are rolling the market growth in the region. Also, tremendous potential for both contactless (NFC) and remote (P2P) mobile payment in the rapidly growing economy of China is expected to turn this country’s market for mobile payment the largest shareholder by the end of 2027.

The major key players involved in the mobile payment market are Paypal, Yeepay, Mastercard, Intuit Pay, Airtel Money, Apple Inc., Tenpay Technology Ltd., Softcard, Boku, Izettle, Google, 99bill Corporation, Square Inc., Merchant Customer Exchange, Dwolla Corp. and WePay Inc. The companies are adopting varied strategies such as partnership, merger & acquisition, new product launch, contracts and agreements to increase their presence globally and sustain their position in the market.