Mobile POS Payments - Nigeria | Statista Market Forecast

Transaction value in the Mobile POS Payments market is projected to reach US$34.53bn in 2024.
Transaction value is expected to show an annual growth rate (CAGR 2024-2029) of 23.61% resulting in a projected total amount of US$99.66bn by 2029.
In the Mobile POS Payments market, the number of users is expected to amount to 22.85m users by 2029.
The average transaction value per user in the Mobile POS Payments market is expected to amount to US$2.44k in 2024.
From a global comparison perspective it is shown that the highest transaction value is reached China (US$5.32tn in 2024).

Definition:

The Mobile POS Payments market refers to transactions made on any connected device to process transactions at the point of sale. This analysis essentially includes digital wallets, an application that securely stores payment information and allows consumers to make purchases of goods and services without carrying cash or cards. Digital wallets mainly run on mobile devices, but can also be accessed from a computer. The payment is made by a contactless interaction of the wallet application with a suitable payment terminal belonging to the merchant, allowing consumers to pay for goods and services. The data transfer is made via wireless standard NFC (Near Field Communication) or by scanning a QR code to initiate the payment. Users pay for a purchase via a digital wallet application by triggering an online bank transfer or by using a digitally stored credit or debit card (Host Card Emulation). Digital wallets are becoming increasingly popular as they allow businesses to offer more flexible and convenient payment options for customers, and can also help to reduce costs and improve efficiency.

Additional Information:

Key players in this market are ApplePay, Google Wallet and Samsung Wallet.

Digital wallet applications that store payment information and allow consumers to securely make purchases at the point of sale
Mobile money wallets
Contactless, app-based transactions with a suitable payment terminal belonging to the merchant
Passthrough wallets that simplify card transactions
Stored value wallets

mPOS solutions (dongle payments) for card payments or mobile card readers
Contactless card payments at point-of-sale
Carrier-Billing

The Mobile POS payment market has been experiencing significant growth in recent years. One trend is the shift towards contactless payments, where customers can simply tap their mobile device or card to complete a transaction. This is due to the increasing demand for convenient and secure payment options, especially during the COVID-19 pandemic. Another trend is the integration of mobile POS systems with other business functions, such as inventory management and customer relationship management.
Several factors are driving the growth of the mobile POS payment market. One key factor is the increasing penetration of smartphones and tablets, which are being used more frequently for both personal and business purposes. Another factor is the growing adoption of cloud-based technology, which enables businesses to manage transactions and data more efficiently. Additionally, the rising popularity of e-commerce and online shopping is driving demand for mobile payment options.
The Mobile POS market is expected to continue growing in the coming years. This growth is expected to be driven by factors such as increasing adoption of mobile payments, the rise of cloud-based solutions, and the growing demand for mobile POS systems among small and medium-sized businesses.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.