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 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.
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.
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Mobile Payments Market 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).
Mobile Payments 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.
Mobile Payments Market 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).
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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.
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