New research shows the global m-commerce market will grow at a CAGR of more than 20% until 2020, reaching $980 billion.
Visa Checkout and other new and advanced mobile payment solutions are set to increase the use, convenience, and popularity of m-commerce on a global scale, according to Infiniti Research.
Visa Checkout, Visa’s newest mobile wallet solution, offers a simple and secure method of making online purchases. It allows customers to create a secure account that is linked to their credit card and associated information, and then to use that account when making purchases online rather than entering their Visa information each time. Once logged in, customers can simply click the Visa Checkout button on any supporting website to pay. Visa Checkout has partnered with StubHub, a move that will surely extend its reach and potential, and is set to begin offering seat upgrades, discounts, and other special promotions and offers to customers who use Visa Checkout to make payments for StubHub purchases in 2017.
In 2016, Visa Checkout grew new accounts by almost 90%, in part due to its increased flexibility. It allows customers to use Mastercard and Chase cards (in addition to Visa cards), and Visa Checkout accounts can also be linked to debit cards. However, it still faces fierce competition from other solutions and companies like PayPal, Apple Pay, Masterpass, and Chase Pay.
Though Infiniti expects Visa Checkout’s growth to continue at a steady pace in the near future, PayPal still dominates the m-commerce market when it comes to mobile wallets. Additionally, a large number of small- and medium-sized m-commerce companies have entered the market over the past three years, meaning that Visa Checkout will have to work hard to differentiate itself from the others, as well as to retain existing customers and attract new ones.
To fully tap into this rapidly growing market and understand the diverse needs of customers who use mobile wallets and other m-commerce solutions, market intelligence is extremely important. Financial services market intelligence solutions experts at Infiniti Research have identified that the Asia-Pacific region will experience the fastest growth between 2017-2020, more than doubling in market size. China, Southeast Asia, Australia, and Japan as the major contributors for this growth.
In addition to market sizing forecasts for targeted regions, Infiniti Research also helps companies to identify top competitors, key customer groups, main challenges and security threats affecting the m-commerce market, and assists with developing sophisticated security strategies to ensure long-term safety and success for your business.
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