About Mobile Payments
In recent years mobile payment has top priority in the financial industry and risen tremendously, particularly in the millennial and generation Z group across the world. Mobile payments have the potential to significantly change the consumer’s preferences to pay for goods and services. The recent adoption of Near Field Communication (NFC) technology to the payment industry is one of the major driving agents in the growth of the mobile payment market. In emerging economies includes India, China and Brazil with high penetration of smartphone and low banking services, mobile payment are getting a better opportunity in these geographic regions.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 23.6% |
The mobile payment market is highly competitive due to the presence of the world’s top companies and these market players concentrate on developing innovative products and attract consumers by numerous cashback offers. The mobile payment vendors are consistently focusing on mergers and acquisitions to achieve high market shares in the upcoming years. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Mobile Payments market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Apple (United States), Google (United States), PayPal (United States), Mastercard (United States), One97 Communications (Paytm) (India), Bharti Airtel (India), Vodafone (United Kingdom), Orange S.A. (France), Samsung Pay (South Korea), Verifone (United States), Square, Inc. (United States) and Alipay (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Amazon Pay (United States), Glance Technologies (Canada) and WeChat Pay (Tencent) (China).
Segmentation Overview
AMA Research has segmented the market of Global Mobile Payments market by Type (Mobile wallet/Bank cards and Mobile money), Application (Retail, BFSI, Telecom and IT, Media and Entertainment, Healthcare, Travel and Hospitality, Transportation and Logistics, Energy and Utilities and Others) and Region.
On the basis of geography, the market of Mobile Payments 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). If we see Market by Nature of Payment Type, the sub-segment i.e. Person to Person will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Mode, the sub-segment i.e. NFC/Smart card will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Location of Payments, the sub-segment i.e. Remote payments will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Collaboration with Payment Networks and Mobile Operators to Enhance Mobile Payment Solutions and Mobile Payment Companies Attract and Offers Various Cashback Features to their Users
Market Growth Drivers:
The Growth in the Number of Smartphones and Internet Users Worldwide, Rising E-Commerce Industry and High-Speed Cellular Networks in Developing Economies and Surging Adoption of Data Analysis Tools and Big Data analytics by Vendors to Customize their Offerings
Challenges:
Lack of Awareness and Low Adoption of Mobile Payment Technology and Diversified Regulations and Policies Present Across Regions
Restraints:
Prevailing Data Security Apprehensions, Lack of Proper Network Coverage in Rural Area in Developing Economies and Lack of Global Standards for Cross-Border Payments
Opportunities:
Numerous Government Encouraging Banks to Build Digital Infrastructure to Enable Safe and Secure Mobile Payments and Increasing Use of Digital Payment in Specifically in Developing Economies
Market Leaders and their expansionary development strategies
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 September 2023, The National Payments Corporation of India (NPCI) launched new products including Credit Line on UPI, UPI LITE X, and Tap & Pay, Hello! which allow for voice-enabled UPI payments.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales
Key Target Audience
Mobile Payments Service Providers, Software Developers, Government Agencies, Payment Solution and Service Providers, Mobile Network Operators, Credit/Debit Card Providers, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.