The global m-commerce payments market is prognosticated to flourish exceptionally within the forecast period from 2107 to 2025. Due to advent of smartphones and other electronic gadgets such as tablets, laptops, and so on, the global m-commerce payments market is foreseen to prosper with robust CAGR of 46.9% in coming years. Alphabet Inc., ACI Worldwide, Inc., Apple Inc., Fidelity National Information Services, Inc., DH Corporation, Fiserv, Inc., Mastercard Incorporated, Jack Henry & Associates Inc., Paypal Holdings, Inc., Visa, Inc., Square, Inc., and Samsung Electronics Company Limited are some of the major firms leading the global m-commerce payments market.
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However, the market is still in its initial stage and the consumers as well as merchants, both haven’t embraced the technology to its fullest. Nevertheless, because of constant thrust on technological advancements by keen players leading to emergence of more effective and easy-to-navigate user interfaces and better security of sensitive data, the market is expected to tread a solid growth path in the next couple of years.
According to Transparency Market Research, the global m-commerce payments market was evaluated at a valuation of US$1.11 bn in 2017.This figure is estimated to reach US$7.55 bn by 2024. On the basis of mode of payment, the peer-to-peer transfer segment is projected to attain solid growth with a CAGR of 45.1% within the forecast period from 2017 to 2024. This segment is expected to reach around US$2.7 bn by the end of 2024. Geographically, North America is likely to dominate the global m-commerce payments market with a solid CAGR of 47.4% within the coming years, owing to several vendors operating in the region.
Based on Broader Usage the Global M-commerce Market are Foreseen to Grow
The broader reach because of mobility, rise in usage of smart devices, for example, smartphone and tablets, rigorous efforts for the collaboration between offline and online activities, and improved transmission capacity, which has helped the transaction process are to name a few leading factors propelling the global m-commerce market. Apart these, some other advantages of m-commerce payment methods are improved security, speedier checkout, and loyalty integration. Those are encouraging the growth of m-commerce. Moreover, m-commerce is anticipated to become less expensive than customary services, for example, managing an account, marketing and advertisements, banking, and purchasing. These aspects are expected to have a positive impact on the demand for m-commerce payments. Different online networking platforms have likewise installed “buy” buttons, which causes the marketers generate leads much quickly.
Lack of Mobile-Friendly Sites to Hamper Market Growth
In coming years, the companies working in the global m-commerce payments market are expected to provide extra attention to user experience as many of them usually abandon the purchase process on an e-commerce website midway. In-app payments, for example, Walmart Pay and Apple Pay not just enables the end-users to make quick transactions, but it additionally encourages the merchants to monitor their buying habits, which offers a promising future.
However, the deficiency of mobile-friendly websites, slow internet connections in a number of developing economies, security concerns, and moderate adoptability rate of a few retailers in regards to credit card chip readers are some of the obstructions holding back the global m-commerce payments market from achieving its actual potential.
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This review of the global 3D printing powder market is based on a recent market research report by “M-Commerce Payments Market (Mode of Payment – Peer-to-peer transfer, near field communication, and Barcode; End-use Industry – Retail, Hospitality and Tourism, IT and Telecommunication, BFSI, Media and Entertainment, Healthcare, and Airline; Devices – Smart Devices and Feature Phones; Mode of Transaction – Mobile Retailing, Mobile Booking or Ticketing; Mobile Banking, and Mobile Billing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
Key Takeaways:
- Advantages of m-commerce payment methods such asa improved security features, speedier checkout, and loyalty integration are encouraging the growth of m-commerce.
- Introduction of new services for existing customers and use of device-abilities are relied upon to open new open doors for the vendors working in the global m-commerce payments market.
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