Global mobile payment technologies market was valued at US$ 3.01 Bn in 2019 and is expected to reach US$ 34.69 Bn by 2027, at a CAGR of 35.74% during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding mobile payment technologies market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the mobile payment technologies market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Mobile payment is a concept wherein a portable electronic device such as a tablet, smartphone, or cell phone is operated as a payment medium. Mobile payment technology allows consumers to make instant payments for products and services.
The global mobile payment technologies market is primarily driven by the rising adoption of smart applications and growing mobile data usage across the world. Increasing adoption of advanced technologies such as wearable devices, near field communication, and mobile point-of-sale is estimated to boost the demand for mobile payment technologies in the forecast period. Rapid enlargement in the mobile payment solutions to provide better payment service to the end-users are projected to be the factor driving the growth of the mobile payment technologies market.
However, the risks related to processing mobile payments with financial details of the card owner in the transaction can stance a threat for the market growth. Government initiatives in supporting digital payments are projected to generate many opportunities in the mobile payment technology market.
The retail sector is looking for mobile payment technologies to simplicity payment transactions. Additionally, it projected to grow at a higher CAGR during the forecast period. This is primarily driven by major factors such as income growth, urbanization, favorable government regulations and policies, and changes in tastes & preferences of consumers across the world. The retail sector is also estimated to see exponential growth in the forecast period.
Remote payment segment to increase rapidly during the forecast period due to the rising adoption of mobile wallets by consumers for payment purposes at the retailers or for e-commerce. Moreover, improve relationships with businesses by installing a remote payment system terminal at a bank, convenience store, neighborhood supermarket or other off-site location in the service area.
In 2016 the SMS segment contributed to more than half of the entire market share and is anticipated to hold its position through the forecast period. Yet, the NFC segment would raise at the maximum CAGR of 36% from 2017 to 2023. However, the digital wallet/bank cards segment would index the highest CAGR of 35.2% from 2017 to 2023.
North America is anticipated to hold the highest share in the global mobile payment technology market owing to substantial adoption of mobile phones that are more than 70% in the U.S. The technology is gradually being used in BFSI and government sectors, for instance, it deals both security and transparency along with fast payment processing alternatives. Further, the Asia Pacific is expected to grow at a high rate during the forecast period owing to the rise in population and the active online media in India as well as growth in e-commerce. Moreover, quick acceptance of new technology and the advantages of secure and easy money transactions are pacing the growth of the North America market.
Scope of the Global Mobile Payment Technologies Market
Global Mobile Payment Technologies Market by Type
• Proximity Payment
• Remote Payment
Global Mobile Payment Technologies Market by Technology
• QR Code
• WAP & Card-Based
• Digital Wallet
• Banking App-based
Global Mobile Payment Technologies Market by Purchase Type
• Airtime Transfers & Top-ups
• Money Transfers & Payments
• Merchandise & Coupons
• Travel & Ticketing
Global Mobile Payment Technologies Market by End use
• Hospitality & Tourism Sector
• Media & Entertainment
• Retail Sector
• IT & Telecom
Key Players operating in the Global Mobile Payment Technologies Market
• MasterCard International
• American Express
• Bharti Airtel
• Microsoft Corporation
• Orange S.A
• Vodacom Group Limited,
• MTN Group Limited
• Safaricom Limited
• Millicom International Cellular SA
• Mahindra Comviva
• Econet Wireless Zimbabwe Limited
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