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Market Insight- Global mobile payment technologies Market

Market Overview

Mobile payment is the payment method where a portable electronic device namely smartphones are employed as payment vehicles. This technology enables consumers to make immediate payments for services and products. 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. 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.

The global mobile payment technologies is estimated to account for US$ 664.19 Bn in 2019 and is expected to grow at a CAGR of 21.3% over the forecasted period 2019-27.

Market Dynamics- Drivers

  1. Rising penetration of smart appliances and increasing mobile data usage are expected to drive growth of the global mobile payment technologies market during the forecast period

Adoption of smart appliances along with the use of mobile data has increased significantly in the recent past. This is owing to the ease of communication and increasing demand for convenient transactions by consumers across the globe. Smart appliances such as tablets and smartphones with related applications are necessary gadgets required for mobile payment technology. It thereby allows payment without using conventional financial transaction channels. According to the Groupe Speciale Mobile Association (GSMA) Mobile Economy Report 2016, the penetration rate of smartphones is expected to rise from 63% in 2015 to 72% in 2020. It is expected that smartphones would play an increasingly important role in the payments space over the next few years. According to the same source, around 2.5 billion individuals across emerging economies were accessing the internet through mobile devices until 2015. Thus, mobile data usage penetration is expected to rise from 23% in 2015 to 37% in 2020. Hence, these factors are expected to drive growth of the market during the forecast period.

  1. Increasing adoption of advanced payment technologies are expected to propel the global mobile payment technologies market growth over the forecast period

Rapid development in payment technology has changed consumer and business expectations for payment systems globally. The adoption of advanced technologies such as near-field communication, wearable devices, and mobile point-of-sale are expected to lift the demand for mobile payment technologies in the near future. According to the Payments U.K. Report 2015, electronic payments transactions migrate toward mobile payments due to the growing adoption of smartphones and tablets among end-users. Therefore, mobile payments are anticipated to rise annually by 60.8% from 2015, whereas electronic payments’ growth will slow down to annual growth of 15.9% during the forecast period. Moreover, governments and federal banks are focused on developing centralized payment systems, in order to achieve a cashless economy and consistent levels of security worldwide. For instance, the Reserve Bank of India is planning to develop a centralized payment system. In order to accomplish this, it has taken several initiatives for secure, accessible, sound, safe, efficient, and authorized payment methods in the country.

APAC region dominated the global mobile payment technologies market in 2019, accounting for 37.8% share in terms of value, followed by MEA, North America, Europe and South America respectively.

Mobile Payment Technologies  | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraints

  1. Lack of consumer interests in adopting new technology is expected to hamper the global mobile payment technologies market growth during the forecast period

Consumer preference is one of the major factors restricting the market growth, typically due to a lack of awareness of specific mobile payment services and features available for particular smartphones. Apart from these factors, consumers are concerned about the security and privacy of mobile wallets due to increasing incidents of cyber-attacks on financial information. According to Coherent Market Insights’ analysis, in North America, 52% of consumers are extremely aware of mobile payment technologies. Despite this awareness, only 18% of them make payments through mobile technologies across the region.

  1. Issues regarding network connectivity are expected to restrain growth of the global mobile payment technologies market over the forecast period

Technical difficulties such as network issues or connection failure, power failures, especially in emerging economies such as Africa and Latin America are major factors hindering growth of the market. Thus, consumers from these regions seldom prefer mobile payment technologies and adopt cash or paychecks for payments. Thus, these factors are expected to restrain growth of the global mobile payment technologies market in the near future.

Market Opportunities

  1. Incorporation of Internet of Things (IoT) with payment systems can provide major growth opportunities

Internet of Things (IoT) is an evolving technology that helps to send and receive data from Internet-enabled devices. 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.

  1. Proactive initiatives by governments are expected to present lucrative business opportunities

Governments are taking proactive initiatives to support digital payment, in order to accomplish goal of a cashless economy. For which, the governments are making necessary regulatory framework changes by providing tax incentives and adopting social-transfer digital payments. Many countries, such as Finland, Italy, and the Netherlands, are planning to implement a national instant payment scheme to replace traditional payment systems. Moreover, the Indian government has taken several initiatives to promote digital innovation and financial inclusion.

Mobile Payment Technologies  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. North America Trends

Rising adoption of mobile payment technology for easy monetary transactions

Mobile payment technologies are being adopted rapidly in North America, particularly in Canada and the U.S. This is owing availability of easier, more secure, and convenient mobile transactions through mobile payment technologies. The U.S. mobile payment technologies market is in its nascent stage and has gained significant traction after the launch of Apple Pay in October 2014.

  1. Europe Trends

Strict regulatory policies are supporting mobile payment technology systems

Various governments across the region have enforced strict regulatory policies, in order to support the development of payment technology and making a cashless economy. Thus, Europe holds a positive outlook for mobile payment technologies market in the near future. For instance, policies such as the European Central Bank’s Single European Payments Area (SEPA), are designed to complement the domestic and cross-border cashless payments. Though the implementation of the policy faces stiff challenges due to factors such as demographics/nature of the countries and regional government rules and banking regulations, it is essential for the efficient growth of the wholesale and global mobile payment technologies market.

Segment information:

In global mobile payment technologies market, by type segment remote payment sub-segment dominated the global mobile payment technologies market in 2019, accounting for 68.1% share in terms of value, followed by Proximity Payment.

Mobile Payment Technologies  | Coherent Market Insights

Source: Coherent Market Insights

Competitive Section

Key players operating in the global mobile payment technologies market are PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.

Key Developments

  1. Key players in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in April 2017, PayPal Inc. partnered with Google Inc. to users to link their PayPal account to Android Pay, Google’s mobile payment platform.
  2. Major market players are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in April 2019, MasterCard International Inc. acquired Vyze, point-of-sale financing company that offers retailers access to a network of creditors so that customers can get different financing options during the purchase.

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.

Market Dynamics

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.

Market Taxonomy

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.

Key features of the study:

  • This report provides an in-depth analysis of the global mobile payment technologies market and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global mobile payment technologies market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the global mobile payment technologies market includes PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global mobile payment technologies market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global mobile payment technologies market.

Detailed Segmentation:

  • Global Mobile Payment Technologies Market, By Type:
    • Proximity Payment
    • Remote Payment
  • Global Mobile Payment Technologies Market, By Type Purchase:
    • Airtime Transfers & Top-ups
    • Money Transfers & Payments
    • Merchandise and Coupons
    • Travel and Ticketing
    • Others
  • Global Mobile Payment Technologies Market, By End-use Application:
    • Hospitality & Tourism Sector
    • BFSI
    • Media & Entertainment
    • Retail Sector
    • Health Care
    • Education
    • Others
  • Global Mobile Payment Technologies Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • PayPal, Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Microsoft Corporation
    • MasterCard International Inc.
    • Apple, Inc.
    • American Express, Co.
    • Google, Inc.
    • Boku, Inc.
    • AT & T, Inc.
    • Visa, Inc.
    • Vodafone Ltd.
    • State Bank of India (SBI)
    • Fortumo
    • Bharti Airtel Ltd.

*Browse all the market data tables and figures on “Global Mobile Payment Technologies Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Type Purchase
      • Market Snippet, By End-use Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Mobile Payment Technologies Market, By Type, 2017-2027 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Proximity Payment
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
        • Near field Communication (NFC)
        • QR Code Payment
    • Remote Payment
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
        • SMS-based
        • USSD/STK
        • Direct operator billing (Credit/debit card-based)
        • Digital wallet
  5. Global Mobile Payment Technologies Market, By Type Purchase, 2017-2027 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Airtime Transfers & Top-ups
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Money Transfers & Payments
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Merchandise and Coupons
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Travel and Ticketing
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  6. Global Mobile Payment Technologies Market, By End-use Application, 2017-2027  (US$ Billion)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Hospitality & Tourism Sector
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • BFSI
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Media & Entertainment
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Retail Sector
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Health Care
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Education
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  7. Global Mobile Payment Technologies Market, By Region, 2017-2027  (US$ Billion)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Type Purchase, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End-use Application, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Type Purchase, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End-use Application, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Type Purchase, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End-use Application, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Type Purchase, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End-use Application, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Type Purchase, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End-use Application, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • PayPal, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Microsoft Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • MasterCard International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Apple, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • American Express, Co.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Google, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Boku, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • AT & T, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Visa, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Vodafone Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • State Bank of India (SBI)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Fortumo
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Bharti Airtel Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse XX market data tables and XX figures on “Global Mobile Payment Technologies Market-forecast to 2027”.

Frequently Asked Questions

The global mobile payment technologies market is estimated to account for US$ 664.19 Bn in 2019.
Major players operating in the global mobile payment technologies market include PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.
Issues regarding network connectivity is one of the major factors that is expected to hamper growth of the market over the forecast period.
Rising penetration of smart appliances and increasing mobile data usage aresome of the major factors that are expected to propel growth of the market over the forecast period.
The global mobile payment technologies market is estimated to exhibit a CAGR of 21.3% during the forecast period (2019-2027).
Among regions, APAC region is expected to hold a dominant position in the global mobile payment technologies market in 2019, accounting for 37.8% share in terms of value, followed by MEA, North America, Europe and South America respectively.
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