SMS payments market will soar to $678.11 million by 2020 09.06.2017

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According to the latest report from the Persistence Market Research, the global payment transactions revenues will soar to $2.849 trillion by the year 2020. In 2015 it valued at $549 million. During that period it will grow an astonishing 41.7%. Researchers predict that between 2015 and 2020 there will be 106 million mobile transactions made. During 2020 the global mobile payment market CAGR will grow 39.1% and gather $2.89 trillion in revenues.

 

SMS and Wap/WEB will remain as most popular payment methods. SMS mobile payments will get a nice CAGR push of 4.5% during the five-year period. By the end of 2020, the SMS revenue will reach $678.11 million. Back in 2015, that number was at $238.88 million. WAP/WEB based mobile transactions CAGR will increase 48% during the same period with $1.725 billion in revenue in 2020.

Merchandise purchase and money transfer will account for more than 90% of the revenue share of global mobile payments. In 2016 mobile users spent $323 billion on merchandise, $228 billion in 2015. Total money transfer revenue will surpass $381 billion by the year 2020.