Major players in the m-commerce payment market are ACI Worldwide, Inc. , Alphabet Inc. , BHIM UPI, Fidelity National Information Services, Fiserv, Inc. , Freecharge, Google Pay, Mastercard, MobiKwik, Orange S.
New York, June 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "M-commerce Payment Global Market Report 2022" - https://www.reportlinker.com/p06284280/?utm_source=GNW
A, PayPal Holdings, PayUMoney, Samsung, Square, Inc., Visa, Inc., Alipay, American Express, Apple Inc., China UnionPay, DH Corporation, Discover, Ingenico, Jack Henry & Associates Inc., and Tenpay.
The global m-commerce payment market is expected to grow from $5.26 billion in 2021 to $7.25 billion in 2022 at a compound annual growth rate (CAGR) of 37.9%. The market is expected to grow to $27.09 billion in 2026 at a compound annual growth rate (CAGR) of 39.0%.
The m-commerce payment market consists of sales of m-commerce payments services by entities (organizations, sole traders, and partnerships) that involve buying and selling of goods and services online, through smartphones and tablets.M-commerce payments refer to the use of mobile phones and tablets in order to complete the transactions online on any purchase of online products or services.
M-commerce payments are helpful as they provide convenience to the user and save time and effort.
The main payment methods in the m-commerce market are near field communication, premium SMS, wireless application protocol, and direct carrier billing.Near field communication is a wireless technology that improves the functionality of smartphones, tablets, wearables, payment cards, and other devices across a short distance.
Contactless payments are made possible via NFC technology, which used in mobile wallets. The different m-Commerce modes of transactions include mobile retailing, mobile booking or ticketing, mobile banking, and mobile billing, used by end-use industries such as retail, hospitality and tourism, IT and telecommunication, BFSI, media and entertainment, healthcare, and airlines.
Asia Pacific was the largest region in the m-commerce payment market in 2021.Asia Pacific is expected to have the highest CAGR in m-commerce payment market.
The regions covered in the m-commerce payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing mobile and internet penetration is expected to propel the growth of the m-commerce payment market.M-commerce payment is the use of wireless handheld devices like mobile phones and tablets to conduct commercial transactions online, including the purchase and sale of products, online banking, and paying bills.
The increasing internet access and penetration allows more people to access m-commerce services, driving the market. According to Data Reportal, a Singapore-based business intelligence company, as of October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to forecasts from Ericsson & The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, increasing mobile and internet penetration is driving the growth of the m-commerce payment market.
The use of digital wallets is a key trend gaining popularity in the m-commerce payment market.Digital wallets are a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites.
By using a digital wallet, users can complete purchases easily and quickly. According to RetailCustomerExperience, digital wallets are the most popular payment approach globally in 2020 having 21.5% of the payment transactions. For instance, in 2021, India based mobility solutions company, Comviva launched its next generation digital wallet and payment platform, mobiquity® Pay X. The new platform significantly strengthens security with robust authentication and authorization modules and powers over 70 digital wallets and payment services.
In August 2019, Nuvei, a payment technology company based in Montreal acquired SafeCharge International Group Limited for a deal amount of $889 million.The acquisition is complimenting towards the growth of both the companies.
It also strengthens Nuvei’s payment technology and creates a truly global presence by leveraging the foothold of SafeCharge across European, Asian and Latin-American territories. SafeCharge is a Canada-based advanced payment company specializing in online commerce payment.
The countries covered in the m-commerce payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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