The Global Mobile Payment Technologies Market, By Type (Proximity Payment and Remote Payment), Type Purchase (Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, Travel and Ticketing and Others), By End-use Application (Hospitality & Tourism Sector, BFSI, Media & Entertainment, Retail Sector, Health Care, Education and Others)and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 3104.8 billion by 2027, exhibiting a CAGR of 21.3% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Overview
Mobile payment is a digital payment technology used for the payment of goods or services and transfers money through smart appliances, typically smartphones and tablets. Mobile payment technology has been offered as an alternative for cash-based transactions. Different technologies are used in mobile payment including near field connectivity (NFC), mobile point-of-sale, and wearable devices. The main objective behind the introduction of mobile payment technology is to avoid the usage of coins, plastics, currency, and paper media such as paychecks, cash, and bank transactions. 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 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 Driver
Increasing adoption and penetration of immediate payment systems is expected to boost growth of the global mobile payment technologies market during the forecast period
Digital payment solutions are witnessing significant demand across the globe. Digital payment systems enable consumers to carry out immediate payment with a smartphone. For instance, customers are adopting mobile payment technology due to 24x7 access to payment functionality via smartphones, expanded access channels, immediate funds visibility, and security solutions. Consequently, these factors are propelling growth of the mobile payment technologies market. Moreover, growing adoption of mobile payments technology including the use of various applications and mobile wallets has led to introduction of cashless technology corporations into the payment landscape. Therefore, rising adoption and proliferation of immediate payment options are expected to boost the global mobile payment technologies market growth over the forecast period.
Market Opportunity
Rising integration cloud-based technology with payment options is expected to present lucrative growth opportunities
Growing focus on cloud-based payment solutions has increased significantly the recent past, thereby boosting the adoption of mobile payment technology across the globe. Cloud-based payment technology enables consumers to perform near-field communication (NFC) card emulation without using a hardware secure element (SE) in mobile phones. Furthermore, cloud-based payment solutions offer high levels of security, compliance, and interoperability. Intense competition among non-banking players is expected to compel conventional players to implement cloud-based payment solutions for better agility and enhance business strategies. HCE (Host Card Emulation) and Cloud-based payments have greatly increased the possibilities for banks, telecommunication companies, and others to provide better mobile payment services to their customers. For instance, in 2014, Visa, Inc. and Banco Bilbao Vizcaya Argentaria S.A (BBVA) launched First Commercial Solution for cloud-based mobile payments. Visa’s cloud-based payments specification enables the global expansion of the BBVA Wallet, specifically in the U.S., Chile, Spain, and Mexico.