The mobile payments market is set to score high as the ease of monetary transaction is taking the world by storm. All one needs now is a smartphone to transfer or receive money quickly. The cashless medium has become quite popular in no time as it keeps the hassles of carrying currency at bay. What wins it accolades is the transparency and accessibility with which it can operate. In addition, the mobile payments market is gaining the favors of governments who are now promoting guidelines to banks asking them to encourage mobile payments. The global mobile payments market is now eyeing for an astonishing USD 3,300 billion valuation with a 32% CAGR during the forecast period (2018-2023). Market Research Future’s (MRFR’s) report on the same market provides a detailed analysis of segments and worthwhile factors. Apart from the benefits enjoyed by consumers, businesses can also benefit as the transaction becomes smoother and hassle-free. The digitalized process also helps in the analysis of customer behavior which can be a great tool for customer retention policies. Small businesses are also gaining much by knowing consumer behaviors from their payment patterns.
Despite such benefits, the mobile payments market has a drawback as it can get breached by online hackers. This would then leave a lot of personal information defenseless making individuals vulnerable to further attacks. However, banks and other organizations are fighting hard to constantly update their apps and secure them for faster transaction procedure.
Market Research Future (MRFR) Announces the Publication of its Half Cooked Research Report – Mobile Payments Market 2017-2023.
The mobile payments market is growing rapidly. It refers to the payments made by portable electronic devices. Mobile payments are slowly replacing the traditional alternatives like credit cards, debit cards, cash etc. As the number of internet users is increasing day by day, mobile payments are gaining immense popularity.
The regional analysis of mobile payments market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. Due to increasing awareness of mobile banking and mobile wallets, the market share of Asia Pacific is gradually increasing. It has been observed that, owing to the technological advancements, Europe would dominate the mobile payments market.
It has been observed that according to market segmentation based on the mode of payment, mobile wallets are proving to be very popular as it is one attractive mode of payment and also an easy option. This type of payments are very popular as it is replacing our traditional cash and wallets. The market can be segmented based on mode of payment, mode of transaction and end use application. Mode of transaction includes three modes, short message service, wireless application protocol and near field communication. SMS falls under the remote payment technology while NFC enables two electronic devices to establish a connection by bringing them close to each other. Further, the end use application includes retail, entertainment, education, healthcare, hospitality among others. Among the end use applications, retails is observed to have a high market share due to increasing in-store payments through smartphones.
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Global Mobile Payments Market AnalysisThe global Mobile Payments Industry 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 industry growth.
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 retail segment will have a major share in the market over the forecast period.Regional AnalysisBased 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.
This emerging technology allows its users to make immediate cashless payments by using smartphones and without even needing to access their bank accounts.
Another driving force is the proliferation of Smart Phones uptake globally.
Moreover, other Mobile Payments offerings such as secured approach, the convenience of use, speed and offers attached to it.
Furthermore, the burgeoning e-commerce sector provides impetus to the market growth.
The augmenting uptake is increasing the market size of Mobile Payments globally.Acknowledging the exponential growth the market perceives currently, Market Research Future (MRFR), in its recently published market forecast asserts that the global Mobile Payments market will climb up to USD 3,300 Billion by 2023, registering a massive, double-digit CAGR of 32 % throughout the forecast period (2017 – 2023).Mobile Payments a convenient and cost-effective way of making payments.
As online purchases have increased, there is an increase in online payments too.
Mobile Payments Market TrendsThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Mobile Payments Market Trends.
All one needs now is a smartphone to transfer or receive money quickly.
What wins it accolades is the transparency and accessibility with which it can operate.
The global mobile payments market is now eyeing for an astonishing USD 3,300 billion valuation with a 32% CAGR during the forecast period (2018-2023).
Apart from the benefits enjoyed by consumers, businesses can also benefit as the transaction becomes smoother and hassle-free.
The digitalized process also helps in the analysis of customer behavior which can be a great tool for customer retention policies.
Report on Mobile Payments Market by Product Type, Market, Players and Regions-Forecast to 2025 by DecisionDatabases.comMobile Payments market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability.The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.The report includes the forecasts, Analysis and discussion of important industry trends, market size, market share estimates and profiles of the leading industry Players.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/48371-world-mobile-payments-market-reportThe Players mentioned in our reportADPSBICardPayment SolutionsFPLNordstromKOHL’SCatherinesAxis BankGlobal Mobile Payments Market: Product Segment AnalysisSoftwareHardwareGlobal Mobile Payments Market: Application Segment AnalysisCash on deliveryInstant PaymentGlobal Mobile Payments Market: Regional Segment AnalysisUSAEuropeJapanChinaIndiaDownload Free Sample Report of World Mobile Payments Market @ https://www.decisiondatabases.com/contact/download-sample-48371There are 10 Chapters to deeply display the World Mobile Payments market.Chapter 1 About the Mobile Payments IndustryChapter 2 World Market Competition LandscapeChapter 3 World Mobile Payments Market shareChapter 4 Supply Chain AnalysisChapter 5 Company ProfilesChapter 6 Globalisation & TradeChapter 7 Distributors and CustomersChapter 8 Import, Export, Consumption and Consumption Value by Major CountriesChapter 9 World Mobile Payments Market Forecast through 2025Chapter 10 Key success factors and Market OverviewPurchase the complete World Mobile Payments Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-48371Other Reports by DecisionDatabases.com:World Mobile Platforms Market Research Report 2022 (covering USA, Europe, China, Japan, India, South East Asia and etc)World Solar Mobile Charger Market Research Report 2025 (Covering USA, EU, China, South East Asia, India, Japan and etc)About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
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