About Consumer Mobile Payments
This fast-growing mobile phone penetration also brings with it increasingly sophisticated mobile devices, which outpace ordinary computers. Mobile payments can be a more convenient and portable means of payment than traditional payment methods because they eliminate the burden of carrying multiple plastic cards, coins and currency in a physical wallet Mobile commerce in Europe is expected to grow significantly over the next few years, with an average compound annual growth rate of 42%. In 2014, Europe experienced an all-time peak in mobile revenues and mobile transactions. According to a RetailMeNot forecast based on data from some EU countries, Europeans will be spending about Euro 45 billion via mobile devices in 2015; this currently corresponds to around 14% of all online purchases made in the EU and represents an increase of 88.7% compared to 2014. According to one study, this type of payment is up to 15 to 30 seconds faster than swiping a traditional card, signing the receipt, or entering a PIN code. That can be important to consumers, especially to those who value saving time highly, as well as being able to pay bills at any given location
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
CAGR | 27.1% |
The consumer mobile payments market is moving toward a fragmented state due to the increasing prominence and ease of use of mobile payments and the entry of new players in this prospering market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Consumer 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.
Google LLC (United States), Samsung Group (South Korea), Amazon.com Inc. (United States), Apple Inc. (United States), PayPal Inc. (United States), MasterCard PLC (United States), Visa Inc. (United States), American Express Co. (United States), Mahindra ComViva (India) and Orange SA (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Tencent Holdings Ltd (China), Alipay.com Co. Ltd. (China), ACI Worldwide, Inc. (United States), Fidelity National Information Services, Inc. (United States), Fiserv, Inc. (United States), Jack Henry & Associates Inc. (United States) and Square, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Consumer Mobile Payments market by Type (Remote [Peer-to-peer, M-commerce] and Proximity [Near Field Communication, Barcode]), Application (Retail, Hospitality & Tourism, IT & Telecommunication, BFSI, Media & Entertainment, Healthcare, Airline and Others) and Region.
On the basis of application, Retail segment is dominating the market in the year 2023On the basis of geography, the market of Consumer 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Type of Mobile Pay, the sub-segment i.e. Mobile Wallet/Bank Cards will boost the Consumer Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Upsurging Demand due to Increasing Inclination towards E-commerce and Increasing Number of Loyalty Benefits in Mobile Environment
Market Growth Drivers:
The rapid growth in online retailing and The rise in demand for easy and hassle-free purchase of goods and services results in increased preference of consumers toward digital and cashless payments
Restraints:
Security Issues Associated with Mobile Payments
Opportunities:
Increasing Internet Penetration and Growing M-commerce Market and Growing demand from developing countries
Market Leaders and their expansionary development strategies
In November 2023, FLEETCOR Technologies, Inc., a leading global business payments company, today announced the acquisition of PayByPhone, a global provider of digital parking payment solutions. The acquisition expands FLEETCOR’s vehicle payment solution set for both its fleet customers and consumers.
In April 2024, Kueski has Launched In-Store Mobile Payments to Support Underserved Banking Customers in Mexico. o offer them the ability to complete transactions through the Kueski mobile app, regardless of internet connection, in physical stores.
Currently, two directives apply to the area of mobile payments. Directive 2007/64/EC on payment services in the internal market establishes a harmonized legal framework for payment services throughout the single market; Directive 2009/110/EC covers the taking up, pursuit and prudential supervision of the business of electronic money institutions., After the publication of its Green Paper 'Towards an integrated European market for card, internet and mobile payments' in 2012, the European Commission proposed in 2013 a revision of the current legislation in force, namely with the proposal for a Directive on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU, and 2009/110/EC and repealing Directive 2007/64/EC. On and 5 May 2015, the agreement was reached in trialogue negotiations between the Commission, the European Parliament, and the Council, and formal adoption of the proposal is expected later this year.
Key Target Audience
Research Organizations, Consulting Firms, System Integrators, Government Regulatory Bodies, Private Research Organization, Government Research Organization 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.