Mobile payment and mobile commerce: Strong growth potential with regional differences. Some 360.4 million people around the world will make mobile payments in 2017, contributing to a total transaction volume of EUR 202.186 billion, according to Statista. This mobile transaction volume will grow at a rate of around 40.1% annually to EUR 779.760 billion by 2021.
However, growth rates vary from country to country: Statista predicts an annual growth rate of between 49.6% percent and 56.2% in North America, Australia, Africa and the Middle East until 2021.
Europe and Latin America still have a lot of pent-up demand, with an annual growth rate of around 59.1% and 78.3%, respectively. In comparison the average annual growth rate of 31.6% in Asia seems relatively weak, although demand for mobile payment solutions in India is remarkably high, with an annual growth rate of 138.7%. At EUR 124.570 billion, China is epxected to have the largest mobile transaction volume in the world in 2017.
«Generally speaking, digital innovations are playing an important role in emerging markets.»
Dr. Markus Braun | CEO Wirecard AG
The trend of mobile commerce and payment is continuing. In the mobile payments space in particular, there is a need for service providers and retailers to reduce barriers to entry. Because mobile payments have benefits for both sides: customers are no longer dependent on cash and can pay at the point-of-sale easily with a smartphone app, while retailers avoid the costs associated with cash transactions and benefit from a high degree of security, particularly with prepaid solutions. In addition, retailers can use the acquired customer data for marketing purposes, for instance by creating individual purchase incentives and generating additional sales through loyalty programmes. Wirecard is standing alongside them in this process, with a variety of tailored solutions.