Global mobile payment technology market size is expected to reach US$ 50.56 Bn by 2026, expanding at a CAGR of 39.8% from 2018 to 2026.
Global mobile payment technology market
Mobile payment can be used for the payment of goods or services and transfer of money through mobiles or smartphones. Growth in E-commerce, introduction of innovative facilities by the key players. However it has been observed that number of users are increasing day by day as everything is available online so most efficient way to pay for anything or purchasing things is provided by mobile payment technology. But, network issues or connection failure, power failure will be limiting the growth of market. Instead of going to stores and purchasing things, it is most convenient for today’s generation to pay online and order whatever you wish to. We can order food online, book hotel rooms, e-banking, e-tickets, there are so many options which requires mobile payment methods. The risks associated in processing mobile payments including financial details of the card owner during the transaction poses a major challenge for the market growth. Government initiatives in promoting digital payment creates a new opportunities in the mobile payment technology market.
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NFC segment is anticipated to boost mobile payment technology market on account of NFC enabled smartphones. Various applications pertaining to mobile payment technology are BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others. Increasing adoption of mobile payments in the banking sector is expected to boost BFSI’s share in the estimated timeframe.
Mobile wallets dominated the mobile payment technology market. Increasing penetration of digitalization. Mobile wallets are a relatively new payment option that can offer some serious benefits. Apple Pay, Samsung Pay and Android Pal works across all major devices. Mobile wallet reduces fraud and reduces content in the wallet. Other popular wallet apps are retailer or brand specific, such as Wal-Mart stores, Walmart pay, capital one financial corporation’s (COF) Capital One Wallet and the ubiquitous Starbucks wallet app from Starbucks Corporation (SBUX).
We like our movies and our music the way we like our mail — digitally and when we want to look at it. In the most recent survey from PayPal on digital delivery in the entertainment space, the smartphone reigns supreme, as Melissa O’Malley, director of global initiatives at PayPal, told Karen Webster — even when watching movies. Which means that payment plays a starring role.
Entertainment application segment dominated the market in 2017 and will continue its dominance throughout the forecast period. Digital entertainment is undergoing a revolution. Proliferation of smartphones, rapid product innovations, increased consumer connectivity and the growth of social media have powered the digital entertainment revolution. This has drastically changed the way that customers purchase and consume games, movies and music.
North America held a major share in the global mobile payment technology market in terms of revenue, owing to significant adoption of mobile phones in the U.S. Asia Pacific will exhibit growth at faster pace. In India, “Digital India” initiative by government will be giving major acceleration to the growth Asia Pacific region. While in China contributing factors include the rapid growth of e-commerce, the relatively low adoption of other payment methods such as credit cards, and the availability of mobile payment services. The technology is increasingly being used in BFSI and government sectors, as it offers both security and transparency along with quick payment preprocess.
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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 technology 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 an emerging segment in mobile payment technology market.
Scope of Mobile Payment Technology Market:
Mobile Payment Technology Market by Mode of Transaction:
Mobile Payment Technology Market by Type of Mobile Payment:
• Mobile Wallet
• Bank Cards
• Mobile Money
Mobile Payment Technology by Application:
• Energy & Utilities
Mobile Payment Technology by Purchase Type:
• Airtime Transfers & Top-ups
• Money Transfers & Payments
• Merchandise & Coupons
• Travel & Ticketing
Mobile Payment Technology by Region:
• North America
• Asia pacific
• Middle East & Africa
• Latin America
Key Players Mobile Payment Technology:
• Orange S.A.
• Vodacom Group Limited
• MasterCard Incorporated
• Bharti Airtel Limited
• MTN Group Limited
• Safaricom Limited
• PayPal Holdings Inc.
• Econet Wireless Zimbabwe Limited
• Millicom International Cellular SA
• Mahindra Comviva
• AT &T’S
• Apple Inc.
• Google LLC.
• One97 Communications Limited.
• Vodafone Group Plc