0

Online Retail Mobile Payment Transactions Market Expected to Reach $10 Billion by 2031—Allied Market Research

 
2022
Online Retail Mobile Payment Transactions Market

Report Code : A17406

quote With becoming cost-effective & reduced marketing expenses, online retail mobile payment transactions method has delivered a convenient experience by one-click checkouts using mobile wallets, and has become much easier & safer for retailers and customers. quote

Kanhaiya Kathoke - Research Analyst
BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Online Retail Mobile Payment Transactions Market," The online retail mobile payment transactions market was valued at $993.54 billion in 2021, and is estimated to reach $10 billion by 2031, growing at a CAGR of 26.8% from 2022 to 2031.

Access to high-speed internet and increase in use of online retail mobile payment transactions among retailers drive the growth of global online retail mobile payment transactions market. Furthermore, rise in penetration of smartphones across the globe and development of the payment industry in emerging countries are the major online retail mobile payment transactions market trends. However, rise in data breaches and security issues in mobile payments hamper the growth of the market. Restaurants, retailers, and merchants are the largest end user segments that adopted mobile payment method in their existing businesses.

Furthermore, the global online retail mobile payment transactions market is in its developing phase, and exhibits high growth potential, due to rise in need for operational efficiency & transparency during transactions and surge in demand for customized digitalized payment options globally. For instance, according to a study conducted by Mastercard in 2020, 95% of South African consumers consider using at least one emerging payment method, such as contactless, mobile payments, cryptocurrency, or QR code in the next year. In addition, as several stores were closed to maintain social distancing, retailers worldwide moved their businesses online and adopted the mobile payment transactions and other contactless transaction mode.

By end user, the personal segment acquired major share. This is attributed to the fact that it helps customers to recharge mobile phone accounts, settle personal loans, and purchase services, such as software license & online game cards and airline & movie tickets.

Region wise, Asia-Pacific dominated the market in 2021, and is expected to maintain this trend during the forecast period. This is attributed to the fact that rise in interest of smartphone manufacturers in the mobile wallet solution is driving the online retail mobile payment transactions market growth. Smartphone manufacturers, such as Apple, Samsung, and Xiaomi, are working on deploying NFC chips and QR code scanner into their smartphones to provide seamless connectivity for the payments in the retail industry.

The demand for online retail mobile payment transactions has increased considerably during the COVID-19 pandemic. This is attributed to increased familiarity toward mobile payments among consumers and initiatives by governing bodies across the globe are to curb the spread of virus by initiating various policies for conducting payments. Moreover, online retail mobile payment transactions method is expected to be intact by economic downturn, and is anticipated to remain high during the forecast period. Thus, these factors promoted the growth of the online retail mobile payment transactions industry during the pandemic situation.     

KEY FINDINGS OF THE STUDY

  • By age group, the 18 to 30 years segment led the highest online retail mobile payment transactions market share, in terms of revenue in 2021.
  • On the basis of payment type, the pull payment segment is expected to exhibit the fastest growth rate during the forecast period.
  • Region wise, Asia-Pacific generated the highest revenue in 2021 in online retail mobile payment transactions market size.  

The key players operating in the online retail mobile payment transactions market analysis include ACI Worldwide, Inc., Alipay.com, Amazon Payments, Inc., American Express, Apple Inc., Block, Inc., FIS, Google, Ingenico, JPMorgan Chase & Co., Mastercard, One97 Communications Limited, PayPal Holdings Inc., Samsung, Visa Inc., PayU, and Obopay. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Online Retail Mobile Payment Transactions Market by Type (Proximity Payment, Remote Payment), by Payment Type (Push Payment, Pull Payment), by Age Group (18 to 30 Year, 31 to 54 Year, 55 to 73 Year, Others), by End User (Personal, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Dec 2024

Gas Meter Market

Download Sample

Buy Full Version
"Online Retail Mobile Payment Transactions Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers