DUBLIN, March 8, 2016 /PRNewswire/ --
A recent report published on Research and Markets expects the global m-commerce market to grow at a CAGR of 32.23% between 2015 and 2020. According to the report, the increasing penetration of mobile devices has led to consumers adopting m-commerce for shopping, in-app purchases and contactless payment. In particular, the report highlights developing countries such as China as major growth areas.
This week, China's Ant Financial Services Group announced plans to raise up to $3.1 billion in its current funding round at a valuation of more than $50 billion. The round is expected to be completed by mid-April, according to reports . Ant Financial is the operator of Chinese online payment platform Alipay, with more than 400 million annual active users.
The global mobile wallet market is projected to grow at a CAGR of 36.8% by 2019, according to a recent report. It says the increased adoption of smartphones, tablets, and other mobile technologies has transformed the ways in which customers make payments. A similar report on the global mobile payment market is also predicting growth. It forecasts the market to grow at a CAGR of 36.26%, in terms of transaction volume, and 18.10% in terms of end-users.
Ant Financial, an affiliate of Alibaba Group Holdings Ltd, was valued at nearly $45 billion after completing its initial round of fundraising in June 2015. The fundraising will be used as financial muscle to complete other deals, according to the WSJ. There was an example of this over the weekend, with Alibaba and Ant Financial reaching an agreement to purchase a controlling stake in lottery company AGTech Holdings for US$307.9 million.
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