Mobile payment market set to hit $4.6T by 2023
Mobile payments provide customers an easy and convenient shopping experience with the help of increasing penetration of smartphones and growing e-commerce industry. Based on the mode of transaction, the market is segmented into short message service (SMS), near-field communication and wireless application protocol (WAP).
The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period.
Some noteworthy companies involved in this market include Glance Technologies, Square, Mastercard, Visa, and Global Payments.
In their report, Allied Market Research shows that the Asia-Pacific mobile payment industry segment generated the highest revenue in the market in 2016 and is expected to grow at the fastest rate during the forecast period.
According to Kalyani Sonawane, Research Analyst, ICT & Media at AMR, the mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Driving the growth of the mobile payment market is an increase in the penetration of smartphones, growth in the m-commerce industry, and a rise in the adoption of mobile payment in emerging economies.