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Mobile Payment Market Expected to Reach US$ 3,081 Billion by 2024

04-01-2019 07:47 PM CET | IT, New Media & Software

Press release from: IMARC Group

Mobile Payment Market

Mobile Payment Market

IMARC Group’s latest market research report, titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global mobile payment market reached a value of US$ 881 Billion in 2018. Mobile payment, also known as m-payment, refers to an e-payment method which utilizes mobile devices to authorize, initiate and confirm an exchange of money. These payments are facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications. Nowadays, mobile payments are gaining popularity as they offer enhanced security features and convenience to users. Moreover, the growing penetration of smartphones and easy access to the internet have encouraged tech-savvy consumers to prefer mobile-based payments. Besides this, many payment networks are collaborating with mobile operators to provide advanced mobile payment solutions, especially in emerging markets.

Request for a free sample report: https://www.imarcgroup.com/mobile-payment-market/requestsample

Market Trends:

Nowadays, many vendors are offering special discount coupons on m-commerce platforms to attract a broader consumer base. Various banks and companies are also providing mobile payment options in their apps to enable immediate transactions from the consumers’ bank accounts. Apart from this, non-bank entities have also introduced pre-payment instruments (PPI) which help in conducting interpersonal transactions. Additionally, several leading companies have recently developed applications, such as Google Pay and Apple Pay, that allow payments by scanning a unique barcode or QR code displayed on the screen of a smartphone. Moreover, governments of various nations are taking initiatives to promote digital payments which are anticipated to create opportunities in the mobile payment market. Looking forward, the market value is projected to exceed US$ 3,081 Billion by 2024, expanding at a CAGR of 23.2% during the forecast period (2019-2024).

Browse full report with TOC: https://www.imarcgroup.com/mobile-payment-market

Global Mobile Payment Market Segmentation:

Market Segmentation by Mode of Transaction:
Based on the mode of transaction, the market has been segmented into WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others. Amongst these, SMS (Short Message Service) represents the most popular mode of transaction.

Market Segmentation by Application:
On the basis of the application, retail is the largest segment, accounting for the majority of the total share. Other major segments include entertainment, energy and utilities, healthcare, hospitality and transportation, and others.

Market Segmentation by Region:
Region-wise, Asia Pacific enjoys the leading position in the global mobile payment market. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.

Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being FIS, Gemalto, MasterCard, PayPal, Alipay, Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwiK, One97 Communication, Orange, Oxigen, Square, Venmo and ZipCash Card Services.

Related Reports:

Mobile Phone Insurance Market: https://www.imarcgroup.com/mobile-phone-insurance-market

Indian Mobile Components Manufacturing and Assembly Market: https://www.imarcgroup.com/indian-mobile-components-manufacturing-assembly-market

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

IMARC Group
309 2nd St, Brooklyn, NY 11215, USA
Website: www.imarcgroup.com
Email: sales@imarcgroup.com
USA: +1-631-791-1145
Follow us on twitter: @imarcglobal

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