Industry Background:
Mobile payment technologies are used for the payment of goods, products and other things using smartphones. There are several modes of technologies such as NFC, SMS, Bluetooth and so on. These modes of transaction use multiple payment methods that include proximity and remote payment. Early on, payment was sent by text message, later the advancement in technology allowed for the picture of the check to be taken and it eventually morphed into mobile check deposit capabilities for banking apps. Moreover, it works by bringing together two electronic devices, typically a mobile device such as a smartphone and reader of some kind. According to the Federal Reserve report, 39% of all mobile users in the United States had made a mobile payment in 2015. It is expected to see the growth in the mobile payments industry and startups in the space evolve to meet the growing demands of users.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Visa (United States), American Express (United States), Boku, Inc. (United States), Fortumo (Estonia), Microsoft Corporation (United States), Google (United States), Apple (United States), MasterCard Incorporated (United States), MTN Group Limited (South Africa) and Safaricom Limited (Kenya) |
According to AMA, the market for Mobile Payment Technologies is expected to register a CAGR of 20.0% during the forecast period to 2030. This growth is primarily driven by Increasing Demand for Ease in Transaction of Money from Retail & other Sectors Is Driving the Demand for the Mobile Payment Technologies, Rapid Adoption of Mobile Payment Technologies in the Emerging Economies Such As India, China and So On and The Increasing Smartphones Adoption Is Further Fueling The Use Of Mobile Payment Technologies.
Globally, a noticeable market trend is evident The Trend for the Cloud-Based Payment Technologies That Doesn’t Require a Physical Device Major Players, such as Visa (United States), American Express (United States), Boku, Inc. (United States), Fortumo (Estonia), Microsoft Corporation (United States), Google (United States), Apple (United States), MasterCard Incorporated (United States), MTN Group Limited (South Africa) and Safaricom Limited (Kenya), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global Mobile Payment Technologies market is moving toward a fragmented state, owing to the increasing prominence and ease of use of mobile payments and the entry of new players. Some of the key players in the market such as Google LLC, Apple Inc., PayPal Inc., MasterCard PLC and many more are focusing on innovation and collaborations. For example, the Digital India campaign led by the government is encouraging people to use the digital service and payments. Thus making the market more competitive from the government edge.
Key Developments in the Market:
In February 2023, Japan-based mobile payment service provider KDDI Corporation announced a collaboration with Oracle Corporation to offer a faster and more effective customer loyalty program on its au Pay system.
In July 2019 According To The Analytics Magazine Vision Of Reserve Bank Of India Has Push Towards Digital Payments Which Make India Cashless Economy By 2021 To Reduce The Cash Dependency, Thus Boosting The Mobile Payment Technologies Use Of It Can Make Cent Percent Growth Rate. Thus The Use Of Mobile Payment Technologies In Emerging Economies Is Gaining Popularity And Increasing Demand In The Market.
Influencing Trend:
The Trend for the Cloud-Based Payment Technologies That Doesn’t Require a Physical Device
Market Growth Drivers:
Increasing Demand for Ease in Transaction of Money from Retail & other Sectors Is Driving the Demand for the Mobile Payment Technologies, Rapid Adoption of Mobile Payment Technologies in the Emerging Economies Such As India, China and So On and The Increasing Smartphones Adoption Is Further Fueling The Use Of Mobile Payment Technologies
Challenges:
Lack in Network Connectivity Is Major Issue for All Mobile Payment Technologies
Restraints:
Issue Related To the Security While Processing Mobile Payments with Financial Details
Opportunities:
The Use of IoT & Cloud-Based Technologies With Payment Applications Is Anticipated To Provide Several Opportunities Of Growth
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Mobile Payment Technologies Market
- Analysis about New Entrants in Mobile Payment Technologies Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Mobile Payment Technologies Study Sheds Light on
The Mobile Payment Technologies Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Mobile Payment Technologies industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Mobile Payment Technologies industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.