Mobile payment is the payment method where a portable electronic device namely smartphones are employed as payment vehicles. Different technologies are used in mobile payment including near field connectivity (NFC), mobile point-of-sale, and wearable devices. The primary objective behind mobile payment technology is to avoid usage of currency, paper, coin, and plastic media such as debit/credit cards, checks, and paychecks. Both developed and emerging economies have started adopting mobile payment technologies rapidly, owing to rising evolution of fast speed internet and increasing penetration of smartphones. Mobile contactless technology offers flexibility for service providers (retailers, banks, transport companies) to update over-the-air (OTA) contactless applications to extend payment solution offerings and develop enhanced payment technologies. The global mobile payment technologies market is expected to witness substantial revenue expansion from 2016 onwards, and register a robust CAGR rate till 2020, owing to the advent of ground-breaking payment solutions to provide immediate payments through mobile phones and subsequent reluctance from end-users for its adoption/implementation.
Rapid development in payment technology has changed consumer and business expectations for payment systems globally. The adoption of payment technologies such as near field communication, smartphones payments, transition through smartphone apps are helping to drive the global mobile payment technology market in the forecast period. Moreover, payment companies are also providing lucrative skims or discounts for mobile payment in order to attract the consumers. For instance, In February 2020, According to Coherent Market Insights analysis Amazon.com, Inc., a US based E-commerce Company is offering 10 % discount up to US$ 1.31 for railway booking using companies mobile payment method known as Amazon Pay.
Moreover, evolving internet of things (IoT) technology will provide lucrative growth opportunities to key players in the market. Integration of IoT with payment applications provides a major opportunity for the extension of payment solution offerings and development of robust payment technologies. Moreover, IoT-powered devices can offer secure payments and promise greater convenience for recipients and also for customers.
However, inability to adopt new method of transaction and security issues related to mobile payment method may hamper the growth of global mobile payment technologies during the forecast period.
This report segments the global mobile payment technologies market on the basis of type, type purchase, end-use application and region. On the basis of type, global mobile payment technologies market is segmented into proximity payment and remote payment. On the basis of type purchase, the global mobile payment technologies market is segmented into airtime transfers & top-ups, money transfers & payments, merchandise and coupons, travel and ticketing, and others. On the basis of end-use application, the global mobile payment technologies market is segmented hospitality & tourism sector, BFSI, media & entertainment, retail sector, health care, education and others. On the basis of region, global mobile payment technologies market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.
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