Bharat Book Bureau Provides the Trending Market Research Report on “M-commerce Payment Market: Segmented By Transaction Type, By Payment Method and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” under Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
Global M-commerce Payment Market, Forecast 2019-2030
Product Overview
Mobile commerce, or m-commerce as it is more commonly called, is a type of e-commerce. It refers to the use of portable devices such as a cell phone or tablet to complete commercial transactions online. The term "mobile commerce" was coined in 1997 at the global mobile commerce forum, with the precise definition being "the delivery of electronic commerce capabilities directly into the consumer's hand, anywhere, through wireless technology." The m-commerce market has developed as a result of technological advancements such as faster computing speed, faster internet, advanced smartphone devices, and efficient supply chain management. Digital wallets, which allow for quick and secure transactions, are one of the key reasons why mobile commerce is becoming more and more convenient.
Market Highlights
Global M-commerce Payment is expected to project a notable CAGR of 48.60% in 2030.
Global M-commerce Payment to surpass USD 185.78 billion by 2030 from USD 3.53 billion in 2020 at a CAGR of 32.9% in the coming years, i.e., 2021-30. The M-commerce Payment market is expected to be powered by increasing mobile and internet penetration, as well as adoption of smartphones for online shopping and banking payments. The demand for mobile payment systems such as Apple Pay, PayPal one-touch, and Amazon Pay, as well as technological advances in augmented reality made in wireless handheld devices, is predicted to boost overall consumer demand for Mobile Commerce Payment over the forecast period.
Global M-commerce Payment Market: Segments
M-Retailing segment to grow with the highest CAGR during 2020-30
Global M-commerce Payment is segmented by Transaction type into M-Retailing, M-ticketing, M-Billing, and Others. M-Retailing segment held the largest market share in the year 2020 as a result of the proliferation of mobile payment solutions such as Apple Pay, PayPal One-Tap, Visa Checkout, Amazon Pay, and others. The consumer demand for online shopping and widespread adoption of smartphones for online shopping, on the other hand, are expected to build opportunities for M-commerce Payment businesses, thereby propelling the market growth.
Near Field Communication segment to grow with the highest CAGR during 2020-30
Global M-commerce Payment is segmented by Payment Method into Near Field Communication, Premium SMS, Wireless Application Protocol, and Direct Carrier Billing. Over the forecast period, the Near Field Communication segment is projected to expand at the fastest pace. Apple Pay, Samsung Pay, and Google Pay are among the digital wallets that use NFC for contactless card machines, and this is expected to fuel the mobile commerce payment market.
Using close proximity radio frequency recognition, NFC phones can communicate with NFC-enabled card machines. To pass money, cell phones do not need to touch the point of sale, but they must be within a few inches of the terminal. In comparison to chip and PIN technology, which takes longer to process, NFC requires a direct and immediate transfer of encrypted data to point-of-sale devices. In London, for example, buses and tube stations allow phone payments via NFC, which is typically done by tapping the travel card.
Market Dynamics
Drivers
Increase in Number of Mobile Users and Cost-Effective Method of E-Commerce
The number of mobile device users has increased dramatically as a result of advances in mobile technology. M-Commerce, which is the mode of transactions performed through mobile devices, has seen a major increase as a result of the use of these mobile devices. Mobile devices are now at the forefront of a plethora of innovations and applications developed by consumers and companies all over the world.
Mobile Commerce is regarded as a cost-effective method of providing E-Commerce to customers regardless of time or place. The basic characteristics of mobile, such as customization, versatility, and prevalence, demonstrate the M-commerce market's enormous capacity, great fruitfulness, and high profitability. Because of the rise in smartphones, tablets, handheld computers, BYOD, and internet-enabled devices, the market is primed for strong growth prospects with investments in the near future.
Evolution of Technology and Increase in Internet Users
The future of Mobile Commerce services will be brightened by the evolution of mobile device technology, cross-platform communication approaches, and people's experience with mobile apps and services. The M-Commerce Payment Market is being guided by factors such as rising smart device adoption and the expansion of broadband connectivity. Mobile Commerce platforms are also less expensive than conventional services such as lending, purchasing, or marketing and advertisement. The proliferation of media-rich mobile communication devices, the increasing number of internet users, higher broadband speeds, and increased internet use are expected to drive the growth of the M-Commerce Market in lockstep with the growth in the number of mobile devices. There are numerous Mobile Commerce applications in the market from which one can gain in a number of ways.
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