According to NOVONOUS, in its “Global Mobile Payments Market 2015 – 2020”, this growth is mainly due to increasing penetration of mobile payments in various sectors, increase in analytics services and availability of affordable mobile payments solution and services to end users.
Currently, the global mobile payments market includes POS devices companies, processor companies, network companies, issuer companies, applications companies and devices companies.
The research found that dominance of cash end-points, rudimentary commercial infrastructure, awareness and nascent regulatory framework have been the main threats for new entrants in the mobile payments space.
The main growth drivers accelerating the growth of the mobile payments industry are lower cost, quick transactions, high consumer reach, ease of payment and rising smartphone penetration levels.
In terms of geographies, Asia Pacific mobile payments market controls the largest market share in terms of revenue in global mobile payments market. As per NOVONOUS estimates, Asia Pacific mobile payments market is expected to grow at a CAGR of 37.08% till 2020.
North America mobile payments market controls the second largest market share in terms of revenue in global mobile payments market. NOVONOUS estimates that North America mobile payments market will grow at a CAGR of 35.10% till 2020.
Furthermore, Europe mobile payments market controls the third largest market share in terms of revenue in global mobile payments market. As per NOVONOUS estimates, Europe mobile payments market is expected to register second largest growth rate of 34.18% till 2020.
Middle East & Africa mobile payments market currently has the smallest market share in terms of revenue in global mobile payments market.
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