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Mobile Payment Technologies Market

Read here the latest Market Insights on u201cMobile Payment Technologies Marketu201d published by CMI research team.

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Mobile Payment Technologies Market

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  1. Coherent market insightsMarket Research and Business Consulting Services • https://www.coherentmarketinsights.com/market-insight/mobile-payment-technologies-market-3687

  2. 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.

  3. 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.

  4. Market Dynamics- Drivers • 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 GroupeSpeciale 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.

  5. 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.

  6. Market Opportunities • 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.

  7. 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.

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

  9. Market Trends • 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.

  10. 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.

  11. 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.

  12. 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 BhartiAirtel Ltd.

  13. Key Developments • 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. • 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.

  14. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • https://www.coherentmarketinsights.com/market-insight/mobile-payment-technologies-market-3687

  15. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis

  16. Thank You! • Kindly follow CMI Social Media Profiles for the latest company updates • Facebook • Linkedin • Twitter • https://www.coherentmarketinsights.com/

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