Mobile Payment Technology Market - Government Encouraging Adoption of Mobile Payment Methods Boosts Market Growth

Mobile payment technology (MPT) makes use of cell phones, smart phones or tablets to make instant payments for purchased services and/or products. Depending on the type of payments made, the mobile payment technologies market is divided into remote payments and proximity payments. Furthermore, the remote mobile payment technology market is categorized into USSD/STK, digital wallets, SMS based, and direct operator billing (debit/credit cards). On the other hand, the proximity mobile payment technology market is further categorized into QR code payments and near field communication (NFC). Among the proximity type of payments, NFC segment is expected to lead due to large scale technological developments across the world.

Browse The Press Release: http://www.transparencymarketresearch.com/pressrelease/mobile-payments-market.htm

Geographically the global MPT market is divided into four key regions – Asia Pacific, Middle East & Africa, South America and North America. Some of the key players in the global mobile payment technology market are Visa Inc., MasterCard International Inc., American Express Co., Fortumo, Boku Inc., PayPal Inc., Vodafone Ltd., Bharti Airtel Ltd., AT & T Inc., Apple Inc., Google Inc., and Microsoft Corporation.


The total valuation of the global mobile payment technology market stood at US$338.72 bn in 2015 is expected to reach around US$1,773.17 bn by the end of 2024. This estimated growth of the market is expected to be achieved with a healthy CAGR of 20.5% during the forecast period.

mobile payment technology market

Government Encouraging Adoption of Mobile Payment Methods Boosts Market Growth

The mobile payment technology market is expected to grow at an astounding pace in the near future mainly due to the ever-increasing use of smart devices that work on mobile internet. Also, rising popularity of using wearable devices, use of near field communication (NFC) and mobile point-of-sale (m-POS) are proving to be major driving factors for the growth of the mobile payment technology market.

The number of people opting for using smart devices are growing exponentially in emerging countries of the Middle East and Africa and Asia Pacific region. Governments of these emerging economies are encouraging cashless payments and thus, significantly augmenting the growth of the mobile payment technology market. It is also expected that more payments will be made through digital wallets with the help of Internet of Things (IoT) helping the market growth.

Geographically, industry analyst expect Asia Pacific to dominate the global mobile payment technology market in the forecast period and is expected to contribute 42.5% of the total market share by the end of 2024.

Disinterest in Accepting Newer Technologies Present Cause of Concern

Even though the mobile payment technology market is flourishing, there is a disinterest among customers about accepting the new technology. It is one of the big restraining factors for the growth of the market. Consumers are also put off by the delays in transaction and some still prefer to conduct the transaction in the old fashioned ways. Both the customers and merchants are not fully aware of the working infrastructure of the mobile payment technology and that is a cause of concern for the overall growth of the market.

Make an Enquiry @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=157

On the flip side, there are plenty of opportunities in market to boost up the growth. Top-end security features, faster and safer transactions, integration of conventional transaction methods in the current working system will attract more users.

This review is based on the findings of a TMR report titled “Mobile Payment Technologies Market (Type - Proximity Payment (Near Field Communication and QR Code Payment) and Remote Payment (SMS-based, USSD/STK, Direct Operator Billing (Credit/Debit Card-based), and Digital Wallet); Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, and Travel and Ticketing); End-use Application - Hospitality & Tourism, BFSI, Media & Entertainment, Retail, Healthcare, IT and Telecommunication, and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: www.transparencymarketresearch.com

This release was published on openPR.