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2021
M-commerce Payment Market

M-commerce Payment Market by Payment Method (Mobile Web Payments, Near-field Communication, SMS/Direct Carrier Billing, and Others), Transaction Type (M-retailing, M-ticketing, M-billing, and Others), and Application (Personal and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030

A06002
Pages: 347
Oct 2021 | 4199 Views
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 140
Charts: 82
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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M-commerce Payment Market Outlook – 2030

The global m-commerce payment market size was valued at $7,345.24 billion in 2020, and is projected to reach $33,153.13 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030.

Mobile commerce (m-commerce) is electronic sales and commerce executed by mobile or smartphones. It involves buying and selling of goods & services via mobile devices and allows consumers to pay conveniently. Mobile dominance and dependence are increasing significantly, and m-commerce payment applications are being developed to conduct payment from anywhere and anytime, which further redefines the consumer shopping experience. 

M-Commerce-Payment--Market-2021-2030

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Increase in adoption of m-commerce payments for online shopping and banking payment due to reduced transaction time & convenience acts as a major driver in the market. In addition, increase in penetration of smartphones coupled with fast internet connectivity, rise in preference among consumers for m-commerce payments, and massive adoptions of this payment channel among merchants are accelerating the market m-commerce payment market growth. However, increase in data breaches and expensive & geo-locational preference of payment gateways hamper growth of the market. On the contrary, developing economies offer significant opportunities for m-commerce payment companies to expand their offerings, owing to factors such as growth in the middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation. Moreover, growth in developments & initiatives toward digitalized payments is anticipated to provide a potential growth opportunity for the market. 

The report focuses on growth prospects, restraints, and trends of the m-commerce payment market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the m-commerce payment market outlook.

Segment Review

The global m-commerce payment market is segmented into payment method, transaction type, application, and region. By payment method, the market is categorized into mobile web payments, near-field communication, SMS/direct carrier billing, and others. Depending on transaction type, it is segregated into m-retailing, m-ticketing, m-billing, and others. The applications covered in the study includes personal and business. The personal segment is further segregated into age group such as 18 to 30 year, 31 to 54 year, and 55 to 73 years. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global m-commerce payment market include ACI Worldwide, Inc., Alphabet Inc. (Google), Apple Inc., FIS, Fiserv, Inc., Ingenico, Mastercard, PayPal Holdings, Inc., Square, Inc., and Visa, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the m-commerce payment industry.

M-commerce Payment Market
By Payment Method

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Mobile Web Payments segment accounted for the highest market share in 2020.

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COVID-19 Impact Analysis

COVID-19 pandemic has a significant impact on the m-commerce payment industry, owing to increase in usage and adoption of online & digitalized payment methods among consumers globally. M-commerce payments market are experiencing massive growth as consumers are getting familiar with the payment technology in the market. Moreover, banks and fintech industries are providing their customers with options of m-commerce payments across the globe to speed up their transaction process and enhance digitalized payments in the market. This, in turn, has become one of the major growth factors for the m-commerce payment market during the global health crisis.

Top Impacting Factors

Massive Adoption of M-Commerce Payments for Online Shopping and Banking Payments 

Several businesses that are engaged in providing wide range of goods are inclining toward offering m-commerce payment options to their customers. In addition, consumer experience on mobile sites has increased significantly, and the trend of click & collect is gaining high traction in the market. These factors make m-commerce shopping for everyday purchases more common during the pandemic. In addition, consumers are gradually opting for digitalized payments while purchasing a number of goods & services such as apparel & accessories, groceries, health & beauty, computer & electronics, and books, owing to ease of making payments. For instance, a study conducted by PayPal in 2020 projected that 57% of consumers prefers merchants’ digital payment options while shopping from stores. Therefore, increase in preference among consumers for m-commerce payments and massive adoption of this payment channel among merchants strengthen the m-commerce payment market growth.

M-commerce Payment Market
By Transaction Type

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Others segment is expected to grow at the highest CAGR during the forecast period.

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Expensive and Geo-Locational Preference of Payment Gateways

Building and m-commerce applications require a considerable amount of investment. In addition, it involves several fundamentals of the application, store designs, payment gateway, security modules, database, and other functions, which therefore becomes costly. Moreover, to provide payment gateways that are popular in every country around the world becomes one of the major challenging factors for key players in the market. This will limit the target audience when the application launches into different regions. Therefore, selecting geo-locational preference of payment gateways and expensive m-commerce applications hinder the market growth.  

Rapid Digitalization in Payment Sector

In the post-pandemic society, online shopping and m-commerce payments are becoming more common and are widely accepted among consumers to decrease usage of cash. Furthermore, according to recent Payment Tracker report of PYMNTS.com, which is a global leader for data, news, and insights on innovation in payments, projected that technology is expanding to new use cases, as its adoption continues to provide contactless options for restaurants, retailers, and even contact tracing for COVID-19 tracking in the UK. Therefore, rise in number of developments & initiatives toward digitalized payments sector is anticipated to provide potential growth opportunity for the m-commerce payment market during the forecast period. 

M-commerce Payment Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 19.4% during 2021-2030

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Key Benefits for Stakeholders 

  • The study provides in-depth analysis of the global m-commerce payment market share along with current trends and future estimations to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the global m-commerce payment market size are provided in the report.
  • The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the m-commerce payment market.
  • An extensive analysis of the key segments of the industry helps to understand the m-commerce payment market trends.
  • The quantitative analysis of the global m-commerce payment market forecast from 2021 to 2030 is provided to determine the market potential. 

Key Market Segments

  • By Payment Method
    • Mobile Web Payments
    • Near-field Communication
    • SMS/Direct Carrier Billing
    • Others
  • By Transaction Type
    • M-retailing
    • M-ticketing
    • M-billing
    • Others
  • By Application
    • Personal
    • 18 to 30 Year
    • 31 to 54 Year
    • 55 to 73 Year
    • Business
  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa
  • By Key Market Players
    • ACI Worldwide, Inc.
    • Alphabet Inc. (Google)
    • Apple Inc.
    • FIS
    • Fiserv, Inc.
    • Ingenico
    • Mastercard
    • PayPal Holdings, Inc.
    • Square, Inc.
    • Visa, Inc.
 

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With enabling data-driven personalization and enhancing user experience, merchants are increasingly looking to accommodate consumer demand for secure and hassle-free transactions via m-commerce payments. Moreover, consumers continue to use innovative payment technology in replacement of cash. Benefits associated with m-commerce payment such as increase in convenience & reduced transaction time and rise in adoption of smartphones among end users drive the market growth. In addition, several key players are enhancing & providing advanced m-commerce payment options and offering coupons & promotions by directing customers to a landing page or downloadable coupons, which can be used for their next purchase.

The COVID-19 outbreak has a significant impact on the m-commerce payment market, and has accelerated the usage & adoption of online selling & purchases among retailers and consumers, respectively. Moreover, during this global health crisis, the adoption of m-commerce payments technology increased among large & small retailers. This, as a result promoted the demand for m-commerce payment, thereby accelerating the revenue growth.

The m-commerce payment market is fragmented with the presence of regional vendors such as ACI Worldwide Inc., Square, Inc., and PayPal Holdings Inc. Some of the key players profiled in the m-commerce payment market report include Alphabet Inc. (Google), Apple Inc., FIS, Fiserv, Inc., Ingenico, Mastercard, and Visa, Inc.. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for m-commerce payment across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.

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FREQUENTLY ASKED QUESTIONS?

A. The m-commerce payment market is estimated to grow at a CAGR of 16.5% from 2021 to 2030.

A. The m-commerce payment market is projected to reach $33,153.13 billion by 2030.

A. To get the latest version of sample report

A. Middle-class segment, Rapid urbanization, Rise in literacy level, and Increase in tech-savvy youth generation.

A. The key players profiled in the report include BITCOIN DEPOT, Bitstop, Cash Cloud, Inc, Coinsource, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The m-commerce payment market is segmented on the basis of payment method, transaction type, application and region.

A. Near Field Communication segment would grow at a highest CAGR of 21.2% during the forecast period.

A. Asia-Pacific region will dominate the market by the end of 2030.

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