Mobile Payments Technologies Market Size, Share, Trends and Growth Analysis | Key Players are Google, PayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide, global payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, and

Mobile Payments Technologies Market Research Report- Forecast till 2023

Market Highlights

Mobile payments refer to financial transactions conducted with the help of a mobile phone without relying on cash or cards. These services operate under tough regulations and provide secure encryption to merchants and customers during and after success of the transaction. The inclination towards a cashless economy and ubiquity of smartphones can bode well for the industry. The global mobile payments market report by Market Research Future (MRFR) covers an unbiased view of the industry replete with financial regulations and provides estimations for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its implications are outlined in the report in a comprehensive manner.

Market Scope

The global mobile payments market is expected to grow at 32% CAGR over the forecast period. It can reach USD 3,300 billion by 2023. The access to smartphones which provide financial services for conducting transactions can drive the market demand. Rise of smartphone sales, choice for multiple transactions, expanding ecommerce sector, and digitization of economies are major drivers of the market. New innovations such as contactless payments, cloud payments, QR code payments, and transfer of money via United Payment Interface (UPI) can drive its adoption by consumers.

The migration to cities for employments, acceptance of digitization by the masses, and aggressive marketing strategies by mobile payment companies for increasing awareness among customers can fuel the market growth. Rise of online shopping and emergence of ecommerce sites have provided new wings to the global mobile payments market. Implementation of information and communication technology and establishment of supporting infrastructure can drive the market penetration in developing economies.

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Segmentation:

The global mobile payments market is segmented on the basis of mode of payment, mode of transaction, and end use application.

By mode of payment, it is segmented into mobile money and mobile wallet/bank cards.

By mode of transaction, it is segmented into near field communication (NFC), wireless application protocol (WAP), and short message service (SMS).

By end use application, it is segmented into hospitality, education, entertainment, healthcare, and retail.

Regional Analysis

Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW) are regions considered for the global mobile payments market.

APAC is estimated to capture a large share of the market owing to large number of smartphone users and access to mobile banking applications. Awareness of mobile wallets and integration of technologies such as wearables, NFC, and Wi-Fi can drive the growth of the global mobile payments market in the region. Investments by multinational companies in developing regions of China and India are an indicator of the large potential of the market. Recently, Amazon launched its own mobile payments service, Amazon Pay, for customers to conduct financial transactions. The rise of contactless payments during the COVID-19 outbreak in Taiwan is likely to drive regional market demand.

North America can account for a large market share primarily to residents using mobile wallets in the U.S., Canada, and Mexico. The use of QR codes for conducting transactions and tie-ups with ecommerce players can attract clients towards the technology.

In RoW, Africa can generate huge revenues for the global mobile payments market owing to large number of mobile-friendly customers in Ghana, Kenya, and South Africa. Improvements in governance and a large young adult populace are major drivers of the regional market.

Competitive Outlook

Major mobile payment platforms are Alipay.com, PayTM, General Motors Company, PayPal holdings, Inc., Amazon.com, Inc., MasterCard Incorporated, Apple, Samsung Group, Starbucks Corporation, and Square, Inc.

The surge of COVID-19 cases has led to adoption of mobile payment services. However, the large pockets of large companies can overwhelm the small or medium enterprises in the long run. Collaborations and partnerships as well as providing solutions faster than the competition to take the lead are viable solutions for the players.

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Mobile Payment Technologies Market, By Vertical (Entertainment, BFSI, Retail, Media, E-commerce), By Solution (QR Code, POS, NFC, Mobile Wallet, Mobile Banking, Internet Payment), By Deployment (Hybrid, On-Cloud) – Global Forecast till 2023

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