Mobile Payments Market Analysis
The Mobile Payments Market is Expected to Reach US$ 11.85 billion with a CAGR of 29.5% by 2030, states the recent Market Research Future (MRFR) analysis. Mobile payment, simply put, is the payment of services or goods or transfer of money with smartphones/mobiles. This form of payment is used in different operations such as buying movie tickets, smartphone game upgrades, ordering takeaway food, and others. The report is updated study and implications of the coronavirus outbreak on the Mobile Payments industry.
Various factors are propelling the global mobile payments market share. According to the recent MRFR report, such factors include increasing use during COVID-19 pandemic, increased penetration of internet and smartphone users worldwide, changing lifestyle, booming retail industry, daily commerce, rigorous investments in mobile payment technology, and governments encouraging banks to develop infrastructure for secure and safe mobile payments especially in rural areas.
On the contrary, the gap between the adoption of mobile payment technology and closing the gap may limit the global mobile payments market growth over the forecast period.
Mobile Payments Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global mobile payments market based on end use application, mode of transaction, and mode of payment.
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By mode of payment, the global mobile payments market is segmented into
- Mobile wallet/bank cards
- Mobile money
By mode of transaction, the global mobile payments market is segmented into
- Near field communication (NFC),
- Short message service (SMS),
- Wireless application protocol (WAP)
By mode of application, the global mobile payments market is segmented into
- Hospitality
- Retail
- Entertainment
- Healthcare
- Education
- Others
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Mobile Payments Market Regional Analysis
Based on the region, the global mobile payments market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).
Of these, the APAC region will dominate the market over the forecast period. The rise in smartphone users, growing awareness about mobile banking, rising internet penetration, favorable government approaches to promote the digital economy, and heavy investments to promote mobile solutions and mobile payments are adding to the global mobile payment technologies market growth in the region.
Mobile Payments Market Key Players
Leading contenders profiled in the global mobile payment technologies market report include –
- Starbucks Corporation (U.S.)
- com (China)
- Samsung Group (South Korea)
- com, Inc. (U.S.)
- Square, Inc. (U.S.)
- PayPal Holdings, Inc. (U.S.)
- Apple (U.S.)
- MasterCard Incorporated (U.S.)
- General Motors Company (U.S.)
- Paytm (India)
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The global mobile payment technologies market in Europe is predicted to hold the second-largest share over the forecast period. Established technological infrastructure, the involvement of global industry players, high literacy rates, awareness about digital systems among European citizens, and innovative payment solutions through smartphones are adding to the global mobile payment technologies market growth in the region. Germany holds the utmost share in the market.
The global mobile payment technologies market in North America is predicted to have favorable growth over the forecast period. Rich advances in technology in Canada and the US, the presence of global industry players, developed payment methods, and increasing adoption of reward systems and payback are adding to the global mobile payment technologies market growth in the region. Canada the US possess a maximum share in the market.
The mobile payment technologies market in the RoW is predicted to have sound growth over the forecast period. Rising penetration of smartphones and the internet, less use of credit cards, and increasing use of mobile phones are adding to the global mobile payment technologies market growth in the region.
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TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS
1.2.3 LIMITATIONS
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
3.1 INTRODUCTION
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS
4 EXECUTIVE SUMMARY
5. MARKET FACTOR ANALYSIS
Continued...