Mobile Payment Technologies Market Analysis and Forecast 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 B
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.
Get PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/3687
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.
Request Sample Copy @ https://www.coherentmarketinsights.com/insight/request-sample/3687
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.
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.
Request For Discount @ https://www.coherentmarketinsights.com/insight/request-discount/3687
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.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Mobile Payment Technologies Market Analysis and Forecast 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 B here
News-ID: 2098747 • Views: 290
More Releases from Coherent Market Insights
Organic Tobacco Market Analysis by Size, Share, Growth, Trends up to 2027
Organic Tobacco Market Industry Overview by Coherent Market Insights "Final Report Will Add the analysis of the impact of COVID-19 on this Industry." Global “Organic Tobacco Market” Research Report 2020-2027 is a historical overview and in-depth study on the current & future market of the Organic Tobacco industry. The report represents a basic overview of the Organic Tobacco market size, status, competitor segment with a basic introduction of key vendors, top regions,
Flour Market Opportunities, Share Analysis
Flour Market Industry Overview by Coherent Market Insights "Final Report Will Add the analysis of the impact of COVID-19 on this Industry." Global “Flour Market” Research Report 2020-2027 is a historical overview and in-depth study on the current & future market of the Flour industry. The report represents a basic overview of the Flour market size, status, competitor segment with a basic introduction of key vendors, top regions, product types and end
Sex Toys Market to Witness Huge Growth by 2027
Sex Toys Market Industry Overview by Coherent Market Insights "Final Report Will Add the analysis of the impact of COVID-19 on this Industry." Global “Sex Toys Market” Research Report 2020-2027 is a historical overview and in-depth study on the current & future market of the Sex Toys industry. The report represents a basic overview of the Sex Toys market size, status, competitor segment with a basic introduction of key vendors, top regions,
Video Telemedicine Market to See Huge Growth by 2027 | Huawei, Polycom, Vidyo, A …
The report offers a systematic presentation of the existing trends, growth opportunities, market dynamics that are expected to shape the growth of Global Video Telemedicine Market. The various research methods and tools were involved in the market analysis, to uncover crucial information about the market such as current & future trends, opportunities, business strategies and more, which in turn will aid the business decision-makers to make the right decision in
More Releases for Mobile
Asia - Mobile Infrastructure and Mobile Broadband
Bharat Book Bureau Provides the Trending Market Research Report on "Asia - Mobile Infrastructure and Mobile Broadband" under Telecom category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports. Executive Summary Leading Asian nations prepare for 5G rollouts Asia’s mobile subscriber market is now witnessing moderate growth in a fast maturing market. Whilst there are still developing markets continuing to grow their mobile subscriber base at
Mobile apps development comapny
Yapps is a division of Udeels Technologies has a mobile application platform provides cloud based ecommerce, business app solutions, customer/sales centric and web solutions. The company is emerging as a top-notch in ecommerce and Business App solutions space by offering comprehensive and easy to use solutions in developing branding, taking the business to online, promoting and day to day and minute to minute transactions to customers. Mission Our mission is to provide
Travel Mobile Application Developers
we have extensive experience in creating high performance, feature-packed native mobile applications for all the major platforms including iOS, Android..Travayoo Mobile App Development takes its best position and strives to work with the growing outline. Rather than mobile app development, our company also works on B2B , B2C booking engine system. Our mobile application development process integrates design and development to come up with a flexible process that delivers result. INGENIUM
Mobile Application Development Cost
Mobile application development cost depends on app features, functionality, platform and technology used, development time & expertise involved. With budget constraints, choosing the appropriate mobile application development cost is crucial for organizations. It is usually seen that many technology leaders get confused while choosing between native and hybrid app platforms. Understanding exact app requirements helps overcome this challenge. Now you must be wondering which app is more cost-effective- native
Asia - Mobile Infrastructure And Mobile Broadband
Asian mobile broadband market continues to grow strongly With 3.9 billion mobile subscribers and over 50% of the mobile subscribers in the world, spread across a diverse range of markets, the region is already rapidly advancing in the adoption of mobile broadband services. Mobile broadband as a proportion of the total Asian mobile broadband subscriber base, has increased from 2% in 2008 to 18% in 2013, 27% in 2014, 33% in
Mobile Charting components for BlackBerry mobile platform
Girona, Catalonia, Spain – January, 2013 - Steema Software, a leading vendor of development components for web, desktop and mobile applications, announced the availability of its TeeChart Charting Library for BlackBerry mobile devices. This is the company’ first release in 2013 and with it, Steema Software extends their offering of mobile charting components to BlackBerry Mobile platform alongside current Windows Phone 7, Android and iPhone/iPad support. The BlackBerry Chart library is