Global Mobile
Payments Market Analysis
The global Mobile
Payments Market size is predicted
to touch USD 3,300 billion at a 32% CAGR between 2017- 2023, states the recent
Market Research Future (MRFR) analysis. Mobile payment, simply put, is the
payment of services or goods or transfer of money with smartphones/mobiles.
This form of payment is used in different operations such as buying movie
tickets, smartphone game upgrades, ordering takeaway food, and others.
Various factors are
propelling the global mobile payments market share. According to the recent
MRFR report, such factors include increasing use during COVID-19 pandemic,
increased penetration of internet and smartphone users worldwide, changing
lifestyle, booming retail industry, daily commerce, rigorous investments in
mobile payment technology, and governments encouraging banks to develop
infrastructure for secure and safe mobile payments especially in rural areas.
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On the contrary,
the gap between the adoption of mobile payment technology and closing the gap
may limit the global mobile payments market growth over the forecast period.
Market
Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global mobile payments market
based on end use application, mode of transaction, and mode of payment.
By mode of payment,
the global mobile payments market is segmented into mobile wallet/bank cards
and mobile money. Of these, the mobile wallet/bank cards segment will lead the
market over the forecast period.
By mode of
transaction, the global mobile payments market is segmented into near field
communication (NFC), short message service (SMS), and wireless application
protocol (WAP). Of these, the near field communication (NFC) segment will
dominate the market over the forecast period.
By mode of
application, the global mobile payments market is segmented into hospitality,
retail, entertainment, healthcare, education, and others. Of these, the retail
segment will have a major share in the market over the forecast period.
Regional
Analysis
Based on the
region, the global mobile payments market covers the growth opportunities and
recent trends across Europe, North America, the Asia Pacific (APAC), and the
Rest of the World (RoW).
Of these, the APAC
region will dominate the market over the forecast period. The rise in
smartphone users, growing awareness about mobile banking, rising internet
penetration, favorable government approaches to promote the digital economy,
and heavy investments to promote mobile solutions and mobile payments are
adding to the global mobile payment technologies market growth in the region.
The global mobile
payment technologies market in Europe is predicted to hold the second-largest
share over the forecast period. Established technological infrastructure, the
involvement of global industry players, high literacy rates, awareness about
digital systems among European citizens, and innovative payment solutions
through smartphones are adding to the global mobile payment technologies market
growth in the region. Germany holds the utmost share in the market.
The global mobile
payment technologies market in North America is predicted to have favorable
growth over the forecast period. Rich advances in technology in Canada and the
US, the presence of global industry players, developed payment methods, and
increasing adoption of reward systems and payback are adding to the global
mobile payment technologies market growth in the region. Canada & the US
possess a maximum share in the market.
The mobile payment
technologies market in the RoW is predicted to have sound growth over the
forecast period. Rising penetration of smartphones and the internet, less use
of credit cards, and increasing use of mobile phones are adding to the global
mobile payment technologies market growth in the region.
Key Players
Leading contenders
profiled in the global mobile payment technologies market report include
Square, Inc. (U.S.), Paytm (India), Samsung Group (South Korea), MasterCard
Incorporated (U.S.), General Motors Company (U.S.), PayPal holdings, Inc.
(U.S.), Starbucks Corporation (U.S.), Apple (U.S.), Amazon.com, Inc. (U.S.),
and Alipay.com (China).
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/mobile-payments-market-2922
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