The projects that the market will expand at a massive 36% CAGR over the period between 2017 and 2021. The key factor expected to boost mobile payments on a global front include the need for immediate transactions and the rising consumer base of mobile phones.

Along with the rapidly changing attitudes of consumers and vast technological developments observed in the field of mobile payment, the easy availability of consistent and high-speed internet is also encouraging the increased use of mobile payments. Moreover, the emergence of a number of services with immediate access and fast transactions are also supporting the increased preference of customers and businesses to mobile payment. The enhanced level of convenience offered by mobile technologies has stimulated the adoption of mobile payments across banks in the ASEAN and APAC regions. In the highly competitive banking industry, fast mobile payments are allowing banks to cater to the customer more promptly, thus retaining them.

The report segments the global mobile payment market on the basis of criteria such as mode of transaction, type of payment, and geography.

In terms of mode of transaction, the market has been segmented in direct carrier, near field communication (NFC), wireless application protocol (WAP), and SMS. Of these, the WAP segment held the dominant share in the global market in 2016. However, the NFC segment is expected to account for the leading share in the global market by the end of the forecast period owing to its larger set of benefits in terms of security as compared to other mobile payments.

In terms of type of payment, the market has been segmented into mobile money and mobile wallet. Of these, the mobile wallet segment is expected to account for the dominant share in the global market throughout the report’s forecast period. Factors such as the ease of usage and the ability to store a vast variety of other cards, such as train and bus tickets, health information cards, and loyalty cards of users will fuel the adoption of mobile wallets.

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From a geographical standpoint, the market for mobile payment has been covered in the report for the Americas (North America and South America), Asia Pacific (APAC), and Europe, Middle East, and Africa (EMEA). Of these, the market in Asia Pacific is expected to emerge as the leading revenue contributor to the global mobile payments market. The region is expected to retain its top spot throughout the report’s forecast period, with the thriving m-commerce industry and the large consumer base of tablets and smartphones providing the necessary traction.

Some of the leading companies operating in the highly competitive vendor landscape of the global mobile payments market are FIS, PayPal, Gemalto, Alibaba Group, Google, MasterCard, Samsung Electronics, and Apple.