NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global mobile payment transaction market is on the brink of reaching a substantial valuation, projected to reach US$ 1,656.7 million by 2023. The growth is primarily driven by the burgeoning interest and insights surrounding the beverage packaging market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 4.2% from 2023 to 2033. By 2033, the market is poised to soar to an estimated total valuation of around US$ 2,500.5 million.
Mobile point-of-sale (POS) systems have revolutionized payment methods, enhancing security and convenience for customers and businesses. Unlike traditional systems, mobile POS does not store user data on the device of the merchant, reducing the risks associated with handling cash and checks.
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Prominent players like Alipay, Amazon Pay, and Google Pay are continually innovating to retain their user base and attract new customers. For instance, Google Pay's scratch card program, which rewards users for making purchases, fosters customer loyalty among smartphone payment enthusiasts. The strategic initiatives are poised to significantly boost the mobile payment transaction market share.
The transition to mobile payment transaction markets faces some challenges, as a portion of the population remains hesitant to embrace online payment applications, preferring cash transactions. The reluctance could potentially hinder the market's growth trajectory.
Addressing the paramount concern of mobile payment transaction market growth security is vital for instilling trust among consumers and businesses. Payment providers have responded proactively by implementing robust security measures, encompassing encryption, authentication, fraud detection, prevention mechanisms, and compliance with industry standards like the Payment Card Industry Data Security Standard (PCI DSS). These safeguards aim to mitigate potential threats, ensuring the safety of transactions.
Key Takeaways from the Mobile Payment Transaction Market Report:
- The market valuation in 2022 was US$ 1,600
- Based on purpose type, merchandise purchase is expected to register at a CAGR of 8.9% by 2033.
- Based on the technology segment, the WAP/WEB segment will register at a CAGR of 7% by 2033.
- The mobile payment transaction market transaction market size expanded at 2.17% CAGR between 2018 and 2022.
- Japan is estimated to expand at a CAGR of 4.9% by 2033.
- The United Kingdom experiences a projected CAGR of 3% by 2033.
"The mobile payment transaction market continues its robust growth trajectory, driven by the relentless surge in digitalization and the increasing adoption of smartphones globally, as consumers increasingly favor convenient and contactless payment options, the mobile payment transaction market is poised to witness further expansion, presenting lucrative opportunities for key players in the financial technology sector." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Attributes | Details | |
| Estimated Market Size in 2023 | US$ 1,656.7 million | |
| Projected Market Valuation in 2033 | US$ 2,500.5 million | |
| CAGR Share from 2023 to 2033 | 4.2 | % |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Market Analysis | Value in US$ million | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape:
A diverse array of market participants thrives, strongly emphasizing research and development initiatives that center around eco-friendly product lines as integral components of their manufacturing endeavors within this industry. These industry players actively pursue expansion through strategic collaborations, mergers and acquisitions, and a meticulous exploration of regulatory approvals, all contributing to the augmentation of their market presence.
Some of the key developments are-
- DuPont unveiled a groundbreaking medical packaging solution named Tyvek 40L, specifically designed to safeguard portable, low-risk equipment in healthcare settings. The innovative product represents a new class of Tyvek tailored for medical packaging applications, addressing critical safety concerns.
- Microchip Technology Inc. has introduced the GridTime 3000 GNSS time server, a cutting-edge, software-configurable system engineered to bolster the protection of power plants and substations. Technology plays a pivotal role in defending critical infrastructure against various threats, including surges, adverse weather conditions, and cyber-attacks.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global mobile payment transaction market transaction market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the mobile payment transaction market transaction market is segmented based on technology (SMS Mobile payment transaction market Transactions, WAP/ WEB, USSD, NFC), and purpose (merchandise purchase, money transfer, bill payment, ticketing, other purpose), across seven regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and the Pacific, East Asia, Middle East and Africa).
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Mobile Payment Transaction Market Segmentation:
By Technology:
- SMS Mobile Payment Transactions
- WAP/ WEB
- USSD
- NFC
By Purpose:
- Merchandise Purchase
- Money Transfer
- Bill Payment
- Ticketing
- Other Purpose
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- The Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Mobile Application Market Analysis: The global market is expected to rise at a CAGR of 8.6% to US$ 170.2 Billion in 2033.
3D Secure Payment Authentication Market Growth: It is anticipated to record a CAGR of 12.2% between 2023 and 2033 and is expected to reach US$ 4.06 billion in 2033.
Online Payment Gateway Market Share: The market size is projected to rise to US$ 293.9 billion by 2033 at a significant CAGR of 9.6% during the forecast period.
Digital Transaction Management Market Scope: At a CAGR of 31.8% value, during the forecast period 2023 to 2033 it is projected to expand and gain a global market valuation of US$ 4,074.0 million.
Smartphone System-on-Chip Market Demand: The market is anticipated to flourish at a strong CAGR of 18.0% between 2023 and 2033 to hold a market share of US$ 2800 million by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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