Mobile Payment Technologies Market Analysis 2020: By Keyplayers PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India

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Market Overview

Mobile payment is the payment method where a portable electronic device namely smartphones are employed as payment vehicles. This technology enables consumers to make immediate payments for services and products. The primary objective behind mobile payment technology is to avoid usage of currency, paper, coin, and plastic media such as debit/credit cards, checks, and paychecks. Both developed and emerging economies have started adopting mobile payment technologies rapidly, owing to rising evolution of fast speed internet and increasing penetration of smartphones. The global mobile payment technologies market is expected to witness substantial revenue expansion from 2016 onwards, and register a robust CAGR rate till 2020, owing to the advent of ground-breaking payment solutions to provide immediate payments through mobile phones and subsequent reluctance from end-users for its adoption/implementation.

The global mobile payment technologies is estimated to account for US$ 664.19 Bn in 2019 and is expected to grow at a CAGR of 21.3% over the forecasted period 2019-27.

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Competitive Section

Key players operating in the global mobile payment technologies market are PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.

Market Dynamics- Drivers

1. Rising penetration of smart appliances and increasing mobile data usage are expected to drive growth of the global mobile payment technologies market during the forecast period

Adoption of smart appliances along with the use of mobile data has increased significantly in the recent past. This is owing to the ease of communication and increasing demand for convenient transactions by consumers across the globe. Smart appliances such as tablets and smartphones with related applications are necessary gadgets required for mobile payment technology. It thereby allows payment without using conventional financial transaction channels. According to the Groupe Speciale Mobile Association (GSMA) Mobile Economy Report 2016, the penetration rate of smartphones is expected to rise from 63% in 2015 to 72% in 2020. It is expected that smartphones would play an increasingly important role in the payments space over the next few years. According to the same source, around 2.5 billion individuals across emerging economies were accessing the internet through mobile devices until 2015. Thus, mobile data usage penetration is expected to rise from 23% in 2015 to 37% in 2020. Hence, these factors are expected to drive growth of the market during the forecast period.

2. Increasing adoption of advanced payment technologies are expected to propel the global mobile payment technologies market growth over the forecast period

Rapid development in payment technology has changed consumer and business expectations for payment systems globally. The 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 the near future. According to the Payments U.K. Report 2015, electronic payments transactions migrate toward mobile payments due to the growing adoption of smartphones and tablets among end-users. Therefore, mobile payments are anticipated to rise annually by 60.8% from 2015, whereas electronic payments' growth will slow down to annual growth of 15.9% during the forecast period. Moreover, governments and federal banks are focused on developing centralized payment systems, in order to achieve a cashless economy and consistent levels of security worldwide. For instance, the Reserve Bank of India is planning to develop a centralized payment system. In order to accomplish this, it has taken several initiatives for secure, accessible, sound, safe, efficient, and authorized payment methods in the country.

Market Opportunities

1. Incorporation of Internet of Things (IoT) with payment systems can provide major growth opportunities

Internet of Things (IoT) is an evolving technology that helps to send and receive data from Internet-enabled devices. Integration of IoT with payment applications provides a major opportunity for the extension of payment solution offerings and development of robust payment technologies. Moreover, IoT-powered devices can offer secure payments and promise greater convenience for recipients and also for customers.

2. Proactive initiatives by governments are expected to present lucrative business opportunities

Governments are taking proactive initiatives to support digital payment, in order to accomplish goal of a cashless economy. For which, the governments are making necessary regulatory framework changes by providing tax incentives and adopting social-transfer digital payments. Many countries, such as Finland, Italy, and the Netherlands, are planning to implement a national instant payment scheme to replace traditional payment systems. Moreover, the Indian government has taken several initiatives to promote digital innovation and financial inclusion.

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Market Trends

1. North America Trends

Rising adoption of mobile payment technology for easy monetary transactions

Mobile payment technologies are being adopted rapidly in North America, particularly in Canada and the U.S. This is owing availability of easier, more secure, and convenient mobile transactions through mobile payment technologies. The U.S. mobile payment technologies market is in its nascent stage and has gained significant traction after the launch of Apple Pay in October 2014.

2. Europe Trends

Strict regulatory policies are supporting mobile payment technology systems

Various governments across the region have enforced strict regulatory policies, in order to support the development of payment technology and making a cashless economy. Thus, Europe holds a positive outlook for mobile payment technologies market in the near future. For instance, policies such as the European Central Bank's Single European Payments Area (SEPA), are designed to complement the domestic and cross-border cashless payments. Though the implementation of the policy faces stiff challenges due to factors such as demographics/nature of the countries and regional government rules and banking regulations, it is essential for the efficient growth of the wholesale and global mobile payment technologies market.

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