ReportCrux Market Research has published a new report titled “Mobile Payment Market by Payment Mode (Remote Payment, and Proximity Payment); by Technology (NFC, Digital Wallet, WAP & Card-Based, SMS-Based/DCB, Banking Based App, QR Code, and Others); by Application (BFSI, Entertainment, Energy & Utilities, IT & Telecom, Retail, Healthcare, Hospitality & Tourism, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Market Size:
According to the report, global demand for mobile payment market was valued at approximately USD 827.6 Billion in 2019 and is expected to generate revenue of around USD 8,724.2 Billion by end of 2027, growing at a CAGR of around 34.2% between 2020 and 2027.
Scope The Report:
Mobile payments apply to purchases or transactions made using a mobile device by regulatory bodies under financial supervision. This service removes conventional alternatives such as cheque and cash, credit cards thus offering end users a high degree of ease. Smart phones have become an important commodity to all individuals with the increasingly growing global economy. Likewise, for many people the internet has become a part of life. It has increased the penetration of smart phones and internet users worldwide causing the mobile payment market to expand. The emergence of budget cell phones able to accept mobile payments have spurred the demand overall. Since consumers do not need to rely on conventional payment methods and can use a centralized system to conduct payment as well as remittance services, this technology has largely helped bridge the gap between the banked and under banked population. As a result, organizations and regulatory bodies have earned favorable initiatives as it is especially useful in regions with low bank penetration.
The growth in demand for simple and trouble-free transactions of goods and services is contributing to the growing consumer preference for digital and cashless payments. Several global players have introduced new strategies, such as Apple and Samsung, to extend their scope and gain a greater share in the global mobile payment industry. Worldwide stores and utilities are rapidly embracing and incorporating mobile payment apps such as Apple Pay, Samsung Pay, AliPay, PayPal, Amazon Pay, GPay, and WeChat Pay to accept payments. This pattern is expected to continue for several years to come due to regular trade, changing lifestyle, and rapid growth in online retailing. However, it is anticipated that security issues among users will limit the market. In addition, failure of configured mobile device with financial data is a serious concern in the mobile payments market.
Segmentation Analysis:
The global market for the mobile payment is segmented into payment mode, technology, application, and region. Based on payment mode, the market is segmented into remote payment, and proximity payment. The proximity payment segment held major share of the market in 2019, however remote payment is likely to grow at CAGR in the forecast period.
Based on technology, the market is categorized into NFC, digital wallet, WAP & card-based, SMS-based/DCB, banking based app, QR code, and others. The NFC segment held almost 23% share of the market in 2019. Adopting NFC mobile payment is opening new sources of revenue for both banks and telecom providers, as more than 90% of the U.S. population holds a cell phone and 60% of them have a card slot on their mobile phone. Using NFC technology, banks will be able to access cash-based micro transactions, representing about 20% of total U.S. transactions.
Based on the application, the global market for mobile payment is segmented into BFSI, entertainment, energy & utilities, IT & telecom, retail, healthcare, hospitality & tourism, and others. The retail segment accounted for almost 27% share of the market in 2019. Consumers are increasingly opting for mobile purchases for a range of products and services, such as grocery stores, apparel & accessories, health & beauty, books, and computers & electronics due to the convenience of ordering and receiving them at doorsteps. Additionally, exclusive deals and discount vouchers on the m-commerce sites provided by various vendors draw consumers towards mobile purchases.
Regional Analysis:
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 33% share of the overall market due to the availability of advanced communications and IT infrastructure in the region, especially in the U.S. Moreover, robust growth in the region's business mobility along with the growing proliferation of mobile devices is raising market revenue. In terms of BYOD adoption, North American workers are ahead of their global colleagues. Asia Pacific is likely to grow at high CAGR in the forecast period. The growing number of Chinese SMEs operating in the IT sector is taking advantage of the technology to save considerable costs for IT infrastructure and maintenance by implementing centralized management frameworks.
Key Players Analysis:
Major players in mobile payment market are Vodacom Group Limited (South Africa), MTN Group Limited (South Africa), Econet Wireless Zimbabwe Limited (Zimbabwe), Safaricom Limited (Kenya), Orange S.A. (France), Mahindra Comviva (India), PayPal Holdings, Inc. (U.S.), Millicom International Cellular S.A. (Luxembourg), Bharti Airtel Limited (India), and MasterCard Incorporated (U.S.) among others.
Browse Our Report Analysis: https://www.reportcrux.com/summary/2858/Mobile-Payment-Market
