LONDON, May 18, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the m-commerce payment market, increasing mobile and internet penetration is expected to propel the growth of the m-commerce payment market. M-commerce payment is the use of wireless handheld devices like mobile phones and tablets to conduct commercial transactions online, including the purchase and sale of products, online banking, and paying bills. The increasing internet access and penetration allows more people to access m-commerce services, driving the market. According to Data Reportal, a Singapore-based business intelligence company, as of October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to forecasts from Ericsson & The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, increasing mobile and internet penetration is driving the growth of the m-commerce payment market.
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The global m-commerce payment market share is expected to grow from $5.26 billion in 2021 to $7.25 billion in 2022 at a compound annual growth rate (CAGR) of 37.9%. The global M commerce payment market size is expected to grow to $27.09 billion in 2026 at a CAGR of 39.0%.
The use of digital wallets is a key trend gaining popularity in the m-commerce payment market. Digital wallets are a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly. According to Retail Customer Experience, digital wallets are the most popular payment approach globally in 2020, with 21.5% of the payment transactions. For instance, in 2021, India based mobility solutions company, Comviva launched its next generation digital wallet and payment platform, mobiquity® Pay X. The new platform significantly strengthens security with robust authentication and authorization modules and powers over 70 digital wallets and payment services.
Major players in the m-commerce payment market are ACI Worldwide, Inc., Alphabet Inc., BHIM UPI, Fidelity National Information Services, Fiserv, Inc., Freecharge, Google Pay, Mastercard, MobiKwik, Orange S.A, PayPal Holdings, PayUMoney, Samsung, Square, Inc., Visa, Inc., Alipay, American Express, Apple Inc., China UnionPay, DH Corporation, Discover, Ingenico, Jack Henry & Associates Inc., and Tenpay.
The global m-commerce payment market analysis is segmented by payment method into near field communication, premium SMS, wireless application protocol, direct carrier billing; by mode of transaction into mobile retailing, mobile booking or ticketing, mobile banking, mobile billing; by end-use industry into retail, hospitality and tourism, IT and telecommunication, BFSI, media and entertainment, healthcare, airline.
Asia-Pacific was the largest region in the m-commerce payment market in 2021. Asia-Pacific is expected to have the highest CAGR in global m-commerce payments market. The regions covered in the global m-commerce payment market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
M-Commerce Payment Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide m-commerce payment market overviews, m-commerce payment market analyze and forecast market size and growth for the whole market, m-commerce payment market segments and geographies, m-commerce payment market trends, m-commerce payment market drivers, m-commerce payment market restraints, m-commerce payment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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