Mobile Payment Market Ongoing Trends and Recent Development | Google, Microsoft, Apple, Vodafone, Visa, American Express, Mastercard, Tencent
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What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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Mobile payment is defined as that type of monetary transaction that involves electronic devices such as smartphones and tablets. This technology is used to transfer money from one device to another within no time by using mobile wallet options across the globe. According to a report by the Reserve Bank of India, the numbers of digital transactions are expected to rise around four times by 2021. Easy availability of banking services at the tap of the button along with safety and convenience factor is propelling the demand for this type of payment solutions globally.
List of the Companies Operating in the Market:
• Alipay.com Co Ltd. (China)
• Amazon.com, Inc. (US)
• American Express Co. (US)
• Boku Inc. (US)
• Google Inc. (US)
• MasterCard International Inc. (US)
• Obopay (US)
• Fidelity National Information Services, Inc.(FIS Global) (US)
• PayPal, Inc. (US)
• Visa, Inc. (US)
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.
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Increasing Adoption of Technology to Spur Demand
The financial industry is witnessing a massive surge in technological advancement with the introduction of modern applications of artificial intelligence (AI). Major concerns surrounding the adoption of mobile wallet technology are security and safety concerns that inhibit the growth. However, with the introduction of AI, the manufacturers are trying to develop innovative products that have the ability to detect fraud and ensure a secure environment for monetary transactions. Additionally, increasing adoption of near field communication (NFC) and point of sales (POS) by the commercial enterprises is driving the demand for global mobile payment market during the forecast period.
COVID-19 to Facilitate Significant Growth Opportunities
The widespread effect of the novel coronavirus, COVID-19, is driving the push for digital transactions across the globe. Though cash is still considered to be an integral part of the people, digital transactions are rising owing to the fear of handling cash among several people. For instance, according to the Reserve Bank of India (RBI), digital transactions under Unified Payments Interface (UPI) rose to over 799.5 million in March 2019. Furthermore, these transactions were 4.5 times the volume registered in March 2018.
Among all the regions, the market in Asia-Pacific is expected to register the highest global market revenue during the forecast period. This is attributable to factors such as large population in the region that is driving the demand for mobile devices. Countries such as India, Japan, and China are driving the demand for high adoption of mobile devices and technology in the region. Additionally, in countries such as India, the government is promoting digitalization that will bode well for the market growth in the region. North America, on the other hand, is expected to witness significant growth for the market in the forthcoming years. The market was worth USD 297.88 billion in 2019 and is likely to rise owing to a well-developed mobile payment services in countries such as the USA.
PayPal Announces In-store Mobile Payments Offerings
In November 2019, PayPal, a prominent mobile payment solutions provider, announced its plan to offer an in-store mobile payment facility by the year 2020. According to the company, the in-store payment facility is expected to be flexible and convenient and will help them to consolidate their position in the competitive market. Adoption of strategies such as product expansion offering, the introduction of new products, merger and acquisition, and collaboration by the companies is anticipated to bode well for the global market growth during the projected horizon.
Major Table of Content for Mobile Payment Technology Market:
o Definition, By Segment
o Research Approach
• Executive Summary
• Market Dynamics
o Drivers, Restraints and Opportunities
o Emerging Trends
• Key Insights
o Macro and Micro Economic Indicators
o Consolidated SWOT Analysis of Key Players
o Porter’s Five Forces Analysis
• Global Mobile Payment Market Analysis, Insights and Forecast, 2016-2027
o Key Findings / Summary
o Market Size Estimates and Forecasts
By Payment Type (Transaction Value)
o Near Field Communication (NFC)
o QR Code Payment
o Direct Operator Billing
o Digital Wallet (Mobile Wallet)
o Others (SMS-based, etc.)
By Industry (Transaction Value)
Media & Entertainment
Medical & Healthcare
Others (Education, IT & Telecom, etc.)
By Geography (Transaction Value)
Middle East and Africa
Complete TOC Available Here…
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