LONDON--(BUSINESS WIRE)--Future Market Insights (FMI) announces the release of its latest report titled, “Global Mobile Payment Transaction Market Analysis and Opportunity Assessment, 2014-2020”. The report states that the global mobile payment transaction market was valued at US$ 392 Bn in 2014 and is expected to reach US$ 2,849 Bn by 2020, registering a compound annual growth rate (CAGR) of 39.2% through the forecast period. The number of mobile payment users worldwide will reach 1,311 Mn by 2020 as compared to 375 Mn users in 2014, as per FMI estimation.
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By technology type, wireless application protocol technology for mobile payment transactions accounted for US$ 1,288 Bn with a 41.9% share of the total revenue in 2014, and is projected to exhibit a CAGR of 41% through 2020. However, NFC technology is anticipated to surpass other segments and witness an effective CAGR of 46% during the forecast period.
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By application type, the global mobile payment transaction market is segmented as merchandise purchase, ticketing, money transfer, bill payment and others.
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Region-wise, Eastern Europe is foreseen to display a CAGR of 29% between 2014 and 2020, followed by Latin America, which will exhibit a CAGR of 28.9% till 2020. In terms of user base, the Asia Pacific region constituted a 38% market share in 2014, and is expected to dominate global mobile payment transaction market despite registering a slight decline to 36.5% market share by 2020. In addition, merchandise payment is forecast to be the predominant application segment through 2020, owing to a vigorously expanding e-commerce industry.
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The global mobile payment transaction market is driven by factors such as smartphone penetration and improving telecom infrastructure.
Key players in the global mobile payment transaction market are PayPal, Visa, MasterCard, Worldpay, Google Wallet, and others.
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