The Global Mobile payment market is predicted to grow at a CAGR of 23.26% over the forecast period of 2017-2025. Some of the factors that have been instrumental for such a phenomenal growth of the market include the growing preference for Mobile payment over traditional banking methods, technological advancements, increasing usage of mobile payments by unbanked population and the rising e-commerce.
The mobile payment market can be segmented on the type of Medium that comprises of SMS, Internet, Contactless, and USSD. The SMS is a major segment of the market by medium. The market is also segmented by the type of payments that include P2P, Mobile Commerce, Prepaid Mobile Wallet, In App Billing, Carrier Billing and Closed Loop Payments. The P2P mobile payment is more popular in the market because of its growing use in emerging nations like Tanzania, Kenya, Rwanda, Vietnam, and the Philippines.
The mobile payment market is divided into 4 major regions that include North America (U.S., Canada and rest of North America), Asia Pacific (China, India, Japan, Vietnam, Philippines, Australia, South Korea, and RoAPAC), Europe (UK, Finland, Sweden, Norway, Germany, RoE) and the rest of the world (Kenya, Tanzania, Zimbabwe, Rwanda, Nigeria and others). The North American market is the dominating region in the global mobile payment market with the United States being the major contributing country. The Asia-Pacific region too has witnessed a rapid development over the past few years with countries like China, India, South Korea and Japan being its major contributors.
The major players for this market include Apple Inc, Alipay, Airtel Money, Boku, Bank Of America, Banco Bilbao Vizcaya Argentaria Wallet, Beijing Qiandaibao Payment Technology Ltd, China UnionPay, Merchant Customer Exchange, M-Pesa, Dwolla Corp, G-Xchange, Google, Izettle, Intuit Pay, Mastercard, Square Inc, Tenpay Technology Ltd, The Western Union Company, We Pay Inc, Yeepay, 99bill Corporation, Softcard, Paytm, Paypal, Paymentwall and Obopay Inc.