Explore the Booming Mobile Payment Technologies Market - Trends, Innovations, and Future Growth Prospects

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Mobile Payment Technologies Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $339.86 billion In 2028 At A CAGR Of 25.3% :

The mobile payment technologies market size has grown exponentially in recent years. It will grow from $109.58 billion in 2023 to $137.73 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to smartphone penetration, digital wallets, consumer convenience, security measures, contactless payments.

The mobile payment technologies market size is expected to see exponential growth in the next few years. It will grow to $339.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to contactless payments continue to rise, emerging markets adoption, iot integration, qr code payments. Major trends in the forecast period include biometric authentication, blockchain and cryptocurrency, retailer-specific apps, iot payments.

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Mobile Payment Technologies Market Major Segments
The mobile payment technologies market covered in this report is segmented -

1) By Solutions: Point-Of Sale (POS), In-Store Payments, Remote Payments
2) By Remote Payments: Internet Payments, Sms Payments, Direct Carrier Billing, Mobile Banking
3) By Application: Retail & E-Commerce, Healthcare, Bfsi, Enterprise

SubSegment: Near-Field Communication (NFC) Payments, Sound-Wave Based Payments, Magnetic Secure Transmission (MST) Payments, Mobile Wallets, Quick Response (QR) Code Payments

Key Driver - Government-Led Initiatives Drive Mobile Payment Technologies For A Cashless Economy

The initiatives taken by governments to promote a cashless economy is a major driver for the growth of the mobile payment technologies market. A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment. In this regard, government across the world along with the central banks are taking several initiatives to move towards a cashless economy, which ultimately leads to the growth of the mobile payment technologies market. For instance, in August 2021, the Government of India launched a digital payment method e-RUPI, a cashless and contactless digital payment method. e-RUPI is essentially a digital voucher that a beneficiary receives by SMS or a QR code on his phone. It is a pre-paid coupon that can be used at any location that takes it.

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Prominent Trend - The Convergence Of IOT And Mobile Payments Revolutionizes The Mobile Payment Technologies Market

The integration of Internet of Things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market. IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction. The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends. Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies. For example, MasterCard integrated IoT for bringing payments to a wide range of consumer products for around 44 billion devices that are expected to be connected to the internet by 2021. The company is also planning to come up with the latest IoT-based devices to boost digital payments.

Mobile Payment Technologies Market Players
Major companies operating in the mobile payment technologies market include PayPal Holdings Inc., Mastercard Incorporated, Bharti Airtel Limited, Google LLC, Apple Inc., First Data Corporation, American Express Company, Vodacom Group Limited, Millicom International Cellular S.A., Mahindra Comviva Technologies Limited, Orange S.A., Dwolla Inc., Worldpay Inc., One97 Communications Limited, AT&T Inc., Safaricom Limited, MTN Group Limited, Econet Wireless Zimbabwe Limited, Visa Inc., BlueSnap Inc., PayU Holdings Pvt. Ltd., Bank of America Corporation, Amazon.com Inc., Citrus Payment Solutions Pvt. Ltd., Stripe Inc., SIX Payment Services AG, Paysafe Group Limited, Wirecard AG, Novatti Group Limited, Vodafone Group Plc, Microsoft Corporation, Samsung Electronics Co. Ltd., Square Inc., Ant Group Co. Ltd., Tencent Holdings Limited, Discover Financial Services, JPMorgan Chase & Co.

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Largest And Fastest Growing Region In The Market
The Asia-Pacific was the largest region in the mobile payment technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the mobile payment technologies industry report during the forecast period. The regions covered in the mobile payment technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Mobile Payment Technologies Market Report Structure
3. Mobile Payment Technologies Market Trends And Strategies
4. Mobile Payment Technologies Market - Macro Economic Scenario
5. Mobile Payment Technologies Market Size And Growth
…..
27. Mobile Payment Technologies Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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