DUBLIN–(BUSINESS WIRE)–The “Online Retail Mobile Payment Transactions Market By Type, By Payment Type, By Age Group, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the online retail mobile payment transactions market was valued at $993.54 billion in 2021, and is estimated to reach $10 billion by 2031, growing at a CAGR of 26.8% from 2022 to 2031.
Mobile payments are a technique to accept and make payments using a smart device, such as a smartphone, smart watch, or tablet. Mobile payments, which utilize encryption technology, extend the security and convenience of typical cash or credit card transactions. By connecting a bank account, a credit card, or a debit card, encryption technology enables merchants or private persons to accept mobile payments.
With evolving technologies, smartphones are increasingly available at reasonable prices and are being affordable for customers, which promote growth of the online retail mobile payment transactions market. In addition, massive adoption of online retail mobile payment transactions for online shopping and development of the mobile payments industry drives the market growth. These factors notably contribute toward the growth of the global online retail mobile payment transactions market.
However, expensive & geo-locational preference of payment gateways and rise in data breaches and security issues while conducting payments are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, surge in adoption of online retail mobile payment transactions across emerging economies and rapid technological advancements in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.
The online retail mobile payment transactions market is segmented into type, payment type, age group, end user, and region. By type, the market is differentiated into proximity payment and remote payment. The proximity payment is further segregated into near filed communication (NFC), and quick response (QR) code. The quick response (QR) code is further segregated into static QR code and dynamic QR code.
The remote payment is further segmented into mobile web payments, SMS/direct carrier billing, digital wallet and others. Depending on payment type, it is fragmented into push payment and pull payment. The age group segment is segmented into 18 to 30 year, 31 to 54 year, 55 to 73 year and others. The end user segment is segregated into personal and business. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Study
- By age group, the 18 to 30 years segment led the highest online retail mobile payment transactions market share, in terms of revenue in 2021.
- On the basis of payment type, the pull payment segment is expected to exhibit the fastest growth rate during the forecast period.
- Region wise, Asia-Pacific generated the highest revenue in 2021 in online retail mobile payment transactions market size.
- The key players operating in the online retail mobile payment transactions market analysis include ACI Worldwide, Inc., Alipay.com, Amazon Payments, Inc., American Express, Apple Inc., Block, Inc., FIS, Google, Ingenico, JPMorgan Chase & Co., Mastercard, One97 Communications Limited, PayPal Holdings Inc., Samsung, Visa Inc., PayU, and Obopay. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Market Segments
By Type
- Proximity Payment
- Proximity Payment Type
- Near Field Communication (NFC)
- Quick Response (QR) Code
- Remote Payment
- Remote Payment Type
- Mobile Web Payments
- SMS/Direct Carrier Billing
- Digital Wallet
- Others
By Age Group
- 18 to 30 Year
- 31 to 54 Year
- 55 to 73 Year
- Others
By Payment Type
- Push Payment
- Pull Payment
By End User
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- Australia
- South Korea
- Rest Of Asia-Pacifc
- China
- Japan
- India
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ACI Worldwide, Inc.
- Alipay.com
- Amazon Payments, Inc.
- American Express
- Apple Inc.
- Block, Inc.
- FIS
- Ingenico
- JPMorgan Chase & Co.
- Mastercard
- One97 Communications Limited
- PayPal Holdings Inc.
- Samsung
- Visa Inc.
- PayU
- Obopay
For more information about this report visit https://www.researchandmarkets.com/r/ezzpyh
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