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 2022. 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 2022. This segment is expected to reach around US$2.7 bn by the end of 2022. 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.
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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.