Mobile Wallet Market Trends, Growth, Type and Application, Manufacturers, Regions and Forecast
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.
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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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.
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