The world has been transformed by the incorporation of payment technologies into mobile devices, and this development is predicted to have a significant impact on the online payments sector. This study studies the global Mobile Payment Transaction Market and predicts that it would be valued US$ 41.7 Bn by 2021, growing 14X by the end of the decade.
Over the next ten years, it is anticipated that the mobile payment transaction market will experience staggering development at a CAGR of 31%. According to the survey, the United Kingdom is thought to control more than one-third of the market share in the continent of Europe.
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Important topics covered in the Mobile Payment Transaction Industry Surve
- include market projections for the years 2016 through 2031.
- Key market trends, players, market share, leading markets, and market growth restraints
- Regional, national, and segmental analyses
- benchmarking and competition mapping
- Analysis of market and brand share
- Key product developments and the regulatory environment
- Impact of COVID-19 on mobile payment transactions and how to use
- Recommendations for effective winning tactics
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Growing penetration of smart devices and the introduction of features that can replace physical wallets have imparted an explosive growth to the mobile payment transaction market.
Growing preference for smart devices for different activities such as voice calling is fueling the adoption of mobile payment facilities. Different financial institutes are moving towards advanced and fast modes of transactions, compelling the consumers to follow the same.
Mobile transactions have emerged as a new source of income which is very lucrative in terms of growth prospects. The ease of use is one of the major factors driving the adoption rate of such solutions.
The booming e-Commerce industry has substantially surged the adoption of these payment methods, contributing a significant revenue in the market. The Middle East and Africa along with the Asia Pacific are projected to generate lucrative opportunities in the market.
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Regional Analysis
Asia Pacific and Middle East & Africa are the most lucrative regions for the global mobile payment transaction market. The Asia Pacific market is projected to register a stellar CAGR during the forecast period of 2021-2031. At the end of the forecast period in 2031, the Asia Pacific region is projected to hold 3/10 of the market share.
Middle East & Africa is another lucrative region for the global mobile payment transaction market. The Middle East & Africa market is projected to register a phenomenal CAGR during the forecast period of 2021-2031. At the end of the forecast period in 2031, the Middle East & Africa region is projected to hold 1/4 of the market share.
FAQ’s:
- How is the mobile payment transaction market anticipated to fare over the next ten years?
- How did the market perform over the past 5 years?
- What value is estimated by the analysts for the year 2021?
- In terms of revenue, where will the market be in 2031?
- How is the market in Japan and South Korea expected to expand in terms of demand?
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