Mobile Payment Technologies Market - Global Industry Analysis, Growth, Trends and Forecast 2024

Mobile payment is a technology which allows consumers to make immediate payments for products and services by using a portable electronic device such as a smart phones, tablets or cell phones, which are operated as a payment vehicles. Growing adoption of advanced technologies such as near field communication, wearable devices, and mobile point-of-sale are expected to lift the demand for mobile payment technologies in forthcoming years. The adoption of immediate payment technologies are unceasingly increasing in developing regions such as Asia Pacific and MEA. This is also a major factor which is expected to boost the mobile payment technologies market in the coming years. Apart from this, rapid developments in the mobile payment solutions to provide better payment service to the end-users are also anticipated to fuel the growth of the mobile payment technologies market. 

Mobile Payment Technologies Market

In addition, growing government led initiatives and increasing adoption of smart appliances are anticipated to drive the market. Moreover, integration of IoT with payment applications provides major opportunities to extend payment solution offerings and develop enhanced payment technologies. Consequently, it is anticipated that the Internet of Things will boost more payments through digital wallets during the forecast period

Global Mobile Payment Technologies Market: Segmentation

The reports include global mobile payment technologies market segmented on the basis of type, purchase type, and end-use application. By type, the mobile payment technologies market is segmented into proximity payments and remote payments. The market for proximity payment technology is further cross-segmented into near field communication (NFC) and QR code payments. Whilst, the remote payment technology market is segmented into SMS-based, USSD/STK, direct operator billing (credit/debit cards) and digital wallets. On the basis of purchase type, the mobile payment technology market is segmented into money transfers & payments, travel and ticketing, airtime transfers & top-ups, merchandise and coupons, and others. Further, the end-use application segmentation includes hospitality and tourism, BFSI, media and entertainment, retail, health care, IT and telecommunication, education and others. Among these end-use industries, retail application is projected to observe strong growth primarily due to increasing in-store payments through smart phones in developing regions. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of mobile payments market during the forecast period.

Key Players Mentioned in this Report are:

The report also includes competitive profiling of the key players associated with the mobile payment technologies market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.

Rising demand for advanced payment technology and increasing focus on making cashless economy has led to the strong presence of mobile payment technology providers in the market. Some of the major players in global mobile payment technologies market are MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc. and Microsoft Corporation.

Market Segmentation

Mobile Payment Technologies Market, by Type
Proximity Payment

• Near field Communication (NFC)
• QR Code Payment

Remote Payment

• SMS-based
• USSD/STK
• Direct operator billing (Credit/debit card-based)
• Digital wallet

Mobile Payment Technologies Market, by Purchase Type

• Airtime Transfers & Top-ups
• Money Transfers & Payments
• Merchandise and Coupons
• Travel and Ticketing
• Others

Mobile Payment Technologies Market, by End-use Application

• Hospitality & Tourism
• BFSI
• Media & Entertainment
• Retail
• Health Care
• IT & Telecommunication
• Education
• Others

Mobile Payment Technologies Market, by Geography:

• North America
• The U.S.
• Canada
• Rest of North America
• Europe
• The U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific (APAC)
• China
• Japan
• India
• Australia
• Rest of APAC
• Middle East and Africa (MEA)
• GCC Countries
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America

Global Mobile Wallet Market Forecasts to Grow at a CAGR of 35.5% during the Period 2017-2021

Advancements in mobile and digital technology have seen new and modern developments which have indeed impacted the current lifestyle trends. More people, as well as businesses, are beginning to accept and adopt modern payment methods that make business & commerce safer. Market Research Hub has recently added a new forecast report to its database focusing on the mobile wallet market. This study analyzes the current scenario and growing prospects of the market throughout the forecast period of 2017-2021.

Initially, the report briefly describes the market overview of mobile wallet and its scope on a worldwide platform. In terms of geography, the report segments the market on the basis of some key regions, applications, and industry. Key regions focused in the report include Americas, EMEA and APAC. Moreover, key countries highlighted in the report are the U.K., U.S. and India. 

On the basis of application, the mobile payment market has been segmented and can be used for several purposes such as retail stores, vending machines, transportation, grocery stores and restaurants. To calculate the market size, the report studies the revenue generated from retail transactions.

 

Today, the growing use of mobile phones along with the 2G or 3G connectivity is popular among users. These days, customers prefer quick payment for the transaction of any purchase, which is easily managed through Mobile Wallets. It acts as a bridge between the online and physical world, available to a greater number of people as an alternative form of payment. The report also analyzes the key market drivers which are boosting the market growth such as increasing use of m-commerce, high adoption of contactless payment solutions and digital wallet services. The major market trends observed by the study are rapid growth in 3G/4G subscription among users and mobile data consumption.

The increasing technological advancements in NFC devices and growing security of payment portals are other factors driving the market growth. By looking at these points, the analysts have estimated that the market is likely to grow at a CAGR of 35.5% till 2021. Also, APAC will be the major revenue contributor to the market by the end of the forecast period.

Furthermore, key vendors in the global mobile wallet market are listed below:

·         Alibaba Group

·         PayPal Holdings

·         Apple

·         Visa

·         Oxigen Services

·         Citrus Payment Solutions

·         Google

·         MasterCard

·         Samsung Electronics

Some other prominent vendors are- Bank of America, MobiKwik, M-Pesa, Y-Cash Software Solutions etc. The report also studies the competitive landscape in the key regions which offer a deeper insight to the readers.