NEW YORK, April 24, 2017 /PRNewswire/ --
Consumer Mobile Payments Market - The retail end-use industry segment is anticipated to retain its stronghold in the global consumer mobile payments market till the end of the forecast period. From a value of just over US$ 200 Billion in the year 2016, the retail segment will be worth nearly US$ 9 Trillion by the end of the year 2026
Mobile phones, developed to facilitate telecommunications, have now become wallets for consumers. Digital payments through mobile phones are revolutionized commercial settings across the world. Growing development of m-commerce platforms have also stepped in to promote the adoption of consumer mobile payments. Persistence Market Research's latest report (Global Market Study on Consumer Mobile Payments: Retail End Use Industry Segment Anticipated to Create High Absolute $ Opportunity During 2016 - 2026) on the global market for consumer mobile payments projects that the market, which is presently worth over US$ 870 Mn, will register explosive growth at a whopping 41.4% CAGR to procure US$ 27,771.8 Mn revenues by the end of 2026.
Such an exponential growth for global consumer mobile payment market is factored by rising proliferation of smartphones and advanced features added to existing payment platforms. The world is flooded with various mobile wallets, and such applications are expected to remain trending in the years to come. Increasing burden on e-commerce platforms is also expected to get divested across m-commerce platforms. Furthermore, government initiatives prompting adoption of cashless transactions is also stipulated to boost consumer mobile payments. Less time consumed by transactions, and immediate currency conversion serve as key proponents for consumer mobile payments.
A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/14995
Consumer mobile payments are also being preferred for their convenience in paying for anything, anywhere. Integrated consumer mobile payments are also becoming popular among merhcants. Consumer mobile payments are also becoming more protected through advanced security features. Nevertheless, security breaches are observed to be top challenge faced by developers of consumer mobile payment applications. The report has outlined leading players in the global consumer mobile payment market, which include ACI Worldwide, Inc., Alphabet Inc., DH Corp, Fidelity National Information Services, Inc., Square, Inc., Fiserv Inc., Jack Henry & Associates Inc., MasterCard Incorporated, PayPal Holdings, Inc., Visa Inc., Apple Inc., and Starbucks Corporation.
Key findings of the report, titled "Consumer Mobile Payments Market Report" include:
- Through 2026, over 90% of consumer mobile payments will be directed through remote mode of payments
- Proximity mode of payment, however, will gain traction and showcase a gain of +140 BPS by 2026-end
- Among the remote mode of consumer mobile payments, m-commerce will remain a dominant segment registering 40.8% CAGR
- During the forecast period, global consumer mobile payments taking place through NFC modes will register revenue growth at nearly 50% CAGR
- Throughout the forecast period, retail will remain the largest end-user industry for consumer mobile payments, while verticals such as hospitality & tourism and IT & telecommunications are expected to bring over US$ 11 Bn revenues by 2026-end
- Asia-Pacific excluding Japan (APEJ) region is expected to register fastest revenue growth at 44.3% CAGR, while North America and Middle East & Africa will be observed as leading regions for growth of consumer mobile payments market
Consumer Mobile Payments Market Report 2016-2026 is available for $4900 (Single User License)
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