Mobile Payment Technologies Market: Proximity Payment Methods to Shine Bright throughout Forecast Period

The leading players in the global mobile payment technologies (MPT) market are MasterCard International Inc., Visa, Inc., and American Express, Co. These players are expected to dominate the global market with their persistent efforts to expand their geographical reach and increasing their product offerings with mergers and acquisitions. Companies will also focus on developing cloud-based payment technologies secure and safe to lure in a bigger user base over the next few years.

According to the research report, the global MPT market was valued at US$338.72 bn in 2015 and is expected to be worth US$1,773.17 bn by the end of 2024. Between the years of 2016 and 2024, the global market is expected to progress at a CAGR of 20.5%.

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Asia Pacific becomes Frontrunner in Global Market as Governments Promote Cashless Economies

On the basis of type, the global MPT market is segmented into proximity payment, which includes near field communication (NFC) and QR code payment and remote payment, which includes options such as SMS-based, USSD/STK, direct operator billing (credit/debit-card based), and digital wallet. Of these, the proximity mobile payment technologies will be the preferred choice of consumers. This segment is slated to rise at a CAGR of 21.9% between 2016 and 2024. Analysts attribute this growth to the growing demand for NFC payments in the near future.

In terms of geography, the global MPT market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. In terms of revenue, Asia Pacific has been leading the pack as is poised to acquire a share of 42.5% in the global market by the end of 2024. The relentless efforts taken by the governments to promote a cashless economy is expected to boost the regional market.

Digitalization of Commerce to Benefit Global Market

The global market for mobile payment technologies is expected to witness a definite boost in the coming few years due to the increasing uptake of smart technologies. The rise of communication technologies and growing demand for simpler payment options are estimated to fuel the demand for mobile payment technologies in the coming few years. Digitalization of commerce and initiatives to create cashless economies is also expected to play a key role in the development of the global market. The market is also expected to benefit from the rapid development of payment technologies that has changed business expectations for payments. Mobile point-of-sale, wearable devices, and near-field communication are collectively expected to lure in increasing number of consumers during the forecast period.

Lack of Awareness about Mobile Payment Technologies Creates Hurdle for Global Market

Despite the terrific rise in the global market, there are a few hurdles that are likely to restrain its growth. The factors that are likely to hamper the growth of the global MPT market are lack of consumer interest in adopting newer technologies. The lack of awareness amongst consumers about mobile payment services and the features of simple payments that mobile phones can offer is also acting as a major concern for service providers. Furthermore, limited usage of mobile phones in rural areas of developing countries and emerging economies is also projected to have a negative impact on the global market in the near future.

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