Mobile Payment Technologies Market Size, Global Trends, Comprehensive Research Study, Development Status, Opportunities, Future Plans, Competitive Landscape and Growth by Forecast 2023 | Corona-Virus Impact
Market Highlights
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.
Mobile payment is a method of making payments using portable electronic devices such as tablets, smartphones, MPOS machines, and others. Mobile payment technologies are used to allow instant payments for products and services. Near field communication (NFC) technology is used to make payments using mobile phones, since this system is reliable and safe and provides electronic means for sending information or data within a short distance. NFC is a platform used by android pay and apple pay for mobile payments. To make payment easy and quick, NFC shows the amount on display and enables the customer to tap using mobile phones or smartwatches connected to the NFC, and the payment is completed within one second.
Market Dynamics
Advancement in digital technology, a rise in smartphone and mobile internet adoption rates, investment by non-banking institutions in the payment system, and growing customer demand are among the most significant factors driving the mobile payment technologies market globally. Nevertheless, the lack of cross-border payment standards is expected to impede the industry's growth in the coming years. Although the implementation of the 5G network, the introduction of artificial intelligence technology in digital payments is expected to provide a strong opportunity for business growth. On the other hand, rising cyber attacks is one of the significant challenges facing the industry.
The advancement in technologies such as IoT, cloud, artificial intelligence, and big data, driven by growth in the e-commerce market, has boosted payment options or methods globally. Rising adoption of smartphones, tablets, and other smart mobile devices, expanding payment options, including the rising use of debit cards, credit cards, and other digital payment wallets, and government funding for the growth of high-speed networks such as 3G, 4G, and 5G are some of the critical factors driving the digital payment market globally.
Moreover, growing consumer awareness of technologies and products and services has increased competition amongst digital payment solutions providers in the industry. These factors have generated substantial demand for point-of-sale payments, in-store payments, and remote payments between restaurants, hotels, resorts, retail stores, grocery/supermarkets, cafes, and other hospitality sectors. By combining point-of-sale terminals with their payment gateways, companies improvise on customer engagement, customer satisfaction, and customer experience.
Segmentation:
The MRFR report highlights an inclusive segmental analysis of the global mobile payments technologies market size 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
By region, the global mobile payment technologies market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is driving the market of mobile payment technologies globally attributed to one of the largest markets for smartphone consumption after China and the presence of significant players such as PayPal, Google, BlueSnap, and Global Payments, among others. Further, the developed economy, infrastructure advancement, increased market growth in digital and mobile commerce, and the advanced baking industry is other primary factors that drive the dominant market for mobile payments in North America.
The Asia Pacific is the second-highest profit-generated mobile payment technologies market and is expected to experience the fastest growth rate in the assessment period. Improving digital technologies, rising rate of smartphone usage, rising adoption of online or mobile payment modes, and improving payment infrastructure are some of the main factors expected to propel the industry further.
Key Players
MRFR has identified the following key players in the market - Google, PayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide, global payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, and Paysafe, among others.
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