What’s driving the mobile payment market forecast? | By Key players: Samsung, Amazon, Tencent, Google, Skrill, American Express, Vodafone, Ant Financial, JP Morgan Chase, PayPal

Europe’s mobile payment market is anticipated to grow a CAGR of over 15% over the forecast timespan. The European mobile banking landscape has evolved significantly over the last 5 years. This can be attributed to the rise of various competing mobile wallets operated by various international & domestic entities. The collaborative effort between banking establishments and technology players is accelerating the growth of the mobile wallets industry landscape in the region. The widespread adoption of NFC technology across the retail industry is promoting the use of mobile wallets among merchants across the region.

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The worldwide mobile payment market has positioned itself to be an extremely lucrative consumer-driven vertical, propelled by the attractive discount & cashback offers facilitated by service providers. Indeed, mobile wallet providers across the world have been impressively successful in attracting and retaining customers, growing their respective user-base at an exponential rate in the process, by simply offering their consumers frequent & appealing cashback offers and discounts. The entire cycle of discounts and cashbacks has proven to be extremely beneficial for both customers, who can obtain a plethora of products & services at a reduced rate, and mobile wallet service providers, who are able to be the recipients of profitable business from their patrons.

Meanwhile, Apple Pay is also working with cards from BNP Paribas and HCBC France that will join the list of already 25 card issuers supporting the tech-giant’s mobile wallet service in France. Monese, a company that offers money transfer services just like other banking options, has also recently announced that its cards will now see the international rollout of Apple Pay in seven countries including Italy, Finland, Spain, UK, Germany, France, and Ireland. The instance also validates the fact that banking establishments are set to be the lucrative growth avenues for the expansion of mobile payment market in the coming years. Companies operating in the banking sector are further pouring money in developing as well as linking banking transaction platforms to mobile wallets systems.

Recently for instance, leading mobile payment market player Google is widening its scope in India’s banking sector and has announced its partnerships with private banks such as Federal Bank, HDFC Bank, Kotak Mahindra Bank, and ICICI Bank among others, to facilitate instant loans to Google Pay customers.

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Furthermore, an international payments provider, JCB, has also teamed up with Idemia, to launch Google’s digital payment platform in Japan. The partnership is set to offer Google Pay mobile wallet users to make contactless mobile payments. With similar investment trends set to materialize in the ensuing years, reports claim the global mobile payment market size from banks to register a CAGR of 15% over 2018-2024. Other leading names in the global mobile payment industry include PayPal, Samsung, JP Morgan Chase, One97 Communications Limited, PayTM, Visa, First Data, Well Fargo, and Mastercard.

The NFC technology accounts for a share of over 80% in the mobile payment market. A high level of encryption is promoting the use of NFC technology among mobile wallet providers. NFC-enabled mobile wallets have an additional layer of security, which prevents the data from being intercepted when it is being transferred. Moreover, the growing adoption of the contact-less payment systems across retailers is also promoting the market growth. Besides, the digital-only mobile wallets industry is projected to grow at a CAGR of over 11% over the forecast time period. The rising need to conduct financial transactions through remote locations has resulted in the growth of the digital-only mobile wallets industry.

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Key vendors of the mobile payment market are Apple, Samsung, Amazon, Tencent, Google, Skrill, American Express, One97 Communications Limited, Vodafone, Ant Financial, JP Morgan Chase, PayPal, Sprint Corporation, Visa, Well Fargo, First Data, AT&T, and Mastercard. The players in the mobile wallets industry are forming strategic alliances with financial institutions, retailers, card network providers, and telecoms service providers to expand their customer base and gain market share. For instance, in July 2018, Visa partnered with Kuwait Finance House to launch a mobile wallet for credit card and prepaid cardholders.

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