Mobile Payment technologies Market to increase at a CAGR of 33.6% through 2024

The report defines the mobile payment service as the payment facility that operates from the mobile devices under several financial regulations. This service provides transparency, flexibility and better overall customer experience for payment transactions. The mobile payment services commonly used Near Field Communication (NFC), Bluetooth, Wi-Fi, and RFID technologies for payment processing.

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Rapidly growing adoption of the mobile payment solutions is driving the growth of mobile payment service market. The several peer-to-peer (P2P) and the public-to-business (P2B) mobile applications are available, that exchange the payments using a bank account, credit card, and debit card.  These payment applications also provide multichannel platforms for national and international payments.

In addition, the growing popularity of electronic wallets, mobile wallets, and mobile e-commerce are contributing to the growth of mobile payment services market all over the world. Mobile payments play a crucial role in online shopping and e-commerce. Mobile wallets are allowing businesses and individuals to receive and send money in a conventional manner, thus the consumers are getting more and more relied on the mobile wallet payment service. Mobile payment technologies are able to store the details that are required every time during the transaction process. Thus, it will further save the time required to fill the details during the next transaction. 

Market Segmentation (by Type)

Global mobile payment technologies market by type is mainly segmented into two types as proximity payment and remote payment. The proximity payment segment includes the payment services that uses Near Field Communication (NFC) and QR Code Payment technologies. Among these technologies, NFC is the most popular technology used in mobile payment services. These proximity payment technologies enable instant financial transactions only by the mere touch on the screen.

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Market Segmentation (By End-Use Applications)

The end use application of the mobile payment market includes Education, IT & Telecommunication, and HealthCare, Retail, Media & Entertainment Media & Entertainment, and Hospitality & Tourism applications. Growing awareness about the benefits provided by mobile payments creating a huge demand for mobile payment in the various application.

Regional Analysis

Among the regions that covered in the scope of the report, Asia Pacific holds the maximum market shares in the mobile payment technologies. Growing emergence of cashless payment services among the several countries across the Asia Pacific region drives the growth of the mobile payment market in this region.  In addition, the introduction of new real-time platforms that provides loyalty and value-added services is contributing to the growth of this market in the Asia Pacific region. Furthermore, rising government initiatives for a cashless economy among populated countries such as China, India, and others are favouring mobile payment technologies in this region.

Market Key Players

The report provides the profiles of the companies in the global mobile payment service market such as Orange S.A, Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Millicom International Cellular SA, Mahindra Comviva and Econet Wireless Zimbabwe Limited.

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