Mobile Payments Market
Mobile Payments are a cashless medium for day-to-day transactions. This emerging technology allows its users to make immediate cashless payments by using smartphones and without even needing to access their bank accounts. Due to the convenience of payment, Mobile Payments have become extremely popular especially among the youngsters.
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Furthermore, the adoption of advanced technologies like NFC (near field communications) is the main driving force behind the popularity of Mobile Payments and its market growth. 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. Also, government initiatives that promote adoption of cashless transactions, in turn, will foster the market growth of mobile payments.
For instance; in 2017, Govt. of India has started promoting the cashless economy to overcome various negative influences in the economy. The monetization plan played a vital role in the growth of the Mobile Payment market.
Segmentation:
The global mobile payments market can be segmented by mode of payment, mode of transaction, and application.
Based on the mode of payment, the mobile payments market can be segmented into mobile wallet/bank cards and mobile money.
Based on the mode of transaction, the mobile payments market includes short message service (SMS), wireless application protocol (WAP), near field communication (NFC), and others.
Application-wise segmentation of the mobile payments market includes retail, education, entertainment, healthcare, hospitality, and others.
Regional Analysis:
Region-specific analysis of the mobile payments market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is expected to dominate the global market. The region has high literacy level and the presence of several banks with such apps that facilitate transactions. Digital connectivity in the region is also quite high which can amply back the mobile payments segment. The market is getting further benefits from the presence of global players, and technological infrastructure is also of the highest quality which corroborates the needs as well.
The APAC market is expected to grow with the fastest CAGR during the forecast period. A huge population is one crucial factor that is providing the regional market much-needed traction. At the same time, a number of smartphone users are also growing which means easy integration of mobile payments apps. India and China are both doing remarkably well in the market. Their massive population and digitalization are helping the market in having a holistic growth. The region is also witnessing an influx of several multinationals across verticals, and start-ups are also doing remarkably well opening up avenues for the mobile payments market. North America is also having a great run in the market with the U.S. and Canada substantially contributing.
Global Mobile Payments Market – Competitive Analysis
Market Players operating in the market ensure their mission success, focusing on optimized situational awareness for customers. The market characterized by the presence of large and small players appears to be highly competitive.
Matured players incorporate collaboration, acquisition, partnership, technology launch, and expansion, to gain the competitive advantages and to maintain their position in this market.
Given the growth prospect of the market, many companies are coming up with their digital wallets and mobile apps to make the payment process more accessible for customers. For instance: MasterCard has a digital wallet MasterPass. Starbucks Corporation has come up with its mobile app to make the pay and order process hassle-free.
More Information@
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Industry/Innovation/ Related News:
May 30, 2018 – Naffa Innovations Pvt. Ltd,(India), developer of mobile payments technology platform – one like ToneTag, announced that it has raised USD 8-10 million from a group of investors led by Amazon Inc. and Mastercard.
June 01, 2018 – Paytm (India) announced that the company through its recently introduced programs, is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers. And, its gross transactions run rate is USD 29 bn. Mark.
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