M-Payment Market Scope
M-Payment is a method of money payment that is made for a product or service through a portable electronic device such as a tablet or smartphone. This technology can also be used to send money to friends or family members, by using applications such as PayPal, Google Pay, Paytm and many more. The companies are thoroughly investing in mobile payment technology, owing to significant growth in the industry. For instance, in the Indian market, Mobile payments mechanize payment systems instead of paying with cash, cheque, or credit cards. Moreover, it is observed that the digital payments market in India is currently fastened at USD 200 billion and expected to reach USD 1 trillion by 2023 and has made the market grow at its fullest speed.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Google (United State), Orange (France), Apple (United State), Paypal (United State), Mastercard (United State), One97 Communications (Paytm) (India), Bharti Airtel (India), VISA (United State), Amazon (United State), FIS (United State), PayOne ( Germany), PayU (The Netherland), Fiserve (United State), Airtel (India), Gemalto (Netherlands), Vodafone (United Kingdom), Alipay (China) and Samsung (South Korea) |
CAGR | % |
The global M-Payment 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, Samsung Group, 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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global M-Payment market throughout the predicted period.
Google (United State), Orange (France), Apple (United State), Paypal (United State), Mastercard (United State), One97 Communications (Paytm) (India), Bharti Airtel (India), VISA (United State), Amazon (United State), FIS (United State), PayOne ( Germany), PayU (The Netherland), Fiserve (United State), Airtel (India), Gemalto (Netherlands), Vodafone (United Kingdom), Alipay (China) and Samsung (South Korea) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Global Payments (United State), Square (United State), Western Union Holdings (United State), Comviva (India) and Tencent (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global M-Payment market by Type , by Application (Travel and Ticketing, Banking, Food and Beverages, Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Merchandise and Coupons and Others) and Region with country level break-up.
On the basis of geography, the market of M-Payment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In October 2019, Airtel Africa collaborated with Mastercard to offer mobile money services across 14 African countries. The Mastercard virtual card enables Airtel Money customers without a bank account, to make payments local and global online merchants accepting Mastercard cards.
In April 2019 - Orange is engaged in the digital transformation in Africa and the Middle East, and launched its first “Orange Digital Centre” in Tunisia.
According to Chineses Government, they made a regulation that most of the consumers will require all m-payment to be cleared through the PBOC, and hence, all mobile payment transactions will begin to touch the hands of the Chinese Communist Party (CCP).
Influencing Trend:
One of the Major Trend in this market is E-commerce which Drives the M-Payment Market, Increasing Adoption of Person to Person transaction (P2P) and Growth in M-commerce Industry Globally
Market Growth Drivers:
The quickly cumulative global economy, particularly mobile phones (smartphones) have become an essential product for an individual or personnel. Similarly, the rising consumption of the internet has also become part and parcel of life for many people. Of late this has increased the penetration of smartphones and internet users all over the world driving the growth of the M-Payment market.
Challenges:
Issue Related to the Loss of the Mobile Device Configured with Financial Details is a Credible Concern, Lack of Awareness and Low Adoption of M-Payment Technology and Diversified Regulations and Policies Present Across Regions
Restraints:
Concern Related Towards the Security Related to M-Payment, Improper Network Coverage in some parts of Developing Nations and Lack of Global Standards for Cross-Border Payments
Opportunities:
An increasing number of omnichannel vendors present all over the world and majorly in Asia-Pacific countries, such as India and China, the scenario is expected to more boost to the M-Payment market.
Key Target Audience
Mobile Network Operators, Software Developer, Potential Investors, End-users, Government Agencies and Others