Mobile Payment Technologies Market Research Report- Forecast till 2023

Market Highlights

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According to Market Research Future (MRFR), the global mobile paymentrntechnologies market had a valuation of USD 37 billion in 2017 and is projectedrnto reach USD 88 billion with 17% CAGR from 2018 to 2023 (forecast period). Thernstudy assesses the effects of the COVID-19 pandemic on the global mobilernpayment technologies market and offers an accurate representation of thernanticipated volatility of demand over the forecast period.

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Mobile payment is a method of making payments using portable electronicrndevices such as tablets, smartphones, MPOS machines, and others. Mobile paymentrntechnologies are used to allow instant payments for products and services. Nearrnfield communication (NFC) technology is used to make payments using mobilernphones, since this system is reliable and safe and provides electronic meansrnfor sending information or data within a short distance. NFC is a platform usedrnby android pay and apple pay for mobile payments. To make payment easy andrnquick, NFC shows the amount on display and enables the customer to tap usingrnmobile phones or smartwatches connected to the NFC, and the payment isrncompleted within one second.

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Market Dynamics

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Advancement in digital technology, a rise in smartphone and mobilerninternet adoption rates, investment by non-banking institutions in the paymentrnsystem, and growing customer demand are among the most significant factorsrndriving the mobile payment technologies market globally. Nevertheless, the lackrnof cross-border payment standards is expected to impede the industry's growthrnin the coming years. Although the implementation of the 5G network, thernintroduction of artificial intelligence technology in digital payments isrnexpected to provide a strong opportunity for business growth. On the otherrnhand, rising cyber attacks is one of the significant challenges facing thernindustry.

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The advancement in technologies such as IoT, cloud, artificialrnintelligence, and big data, driven by growth in the e-commerce market, hasrnboosted payment options or methods globally. Rising  adoption of smartphones, tablets, and otherrnsmart mobile devices, expanding payment options, including the rising use ofrndebit cards, credit cards, and other digital payment wallets, and governmentrnfunding for the growth of high-speed networks such as 3G, 4G, and 5G are somernof the critical factors driving the digital payment market globally.

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Moreover, growing consumer awareness of technologies and products andrnservices has increased competition amongst digital payment solutions providersrnin the industry. These factors have generated substantial demand forrnpoint-of-sale payments, in-store payments, and remote payments betweenrnrestaurants, hotels, resorts, retail stores, grocery/supermarkets, cafes, andrnother hospitality sectors. By combining point-of-sale terminals with theirrnpayment gateways, companies improvise on customer engagement, customerrnsatisfaction, and customer experience.

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Segmentation:

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The global market for mobile payment technologies has been segmentedrninto solutions, deployment mode, organization size, and vertical.

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By solutions, the global market has been segmented into point-of-salern(PoS) solutions, in-store payments, and remote payments. The PoS solutionsrnsegment is further divided into near-field communication (NFC) payments,rnsound-wave based payments, and magnetic secure transmission (MST) payments. Thernin-store payments solutions segment is further divided into mobile wallets andrnquick response (QR) code payments. Moreover, the remote payments segment isrnfurther divided into internet payments, SMS payments, direct carrier billing,rnand mobile banking.

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By deployment, the market has segmented into on-premise, on-cloud, andrnhybrid.

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By organization size, the market has been segmented into SMEs and largernenterprises

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By vertical, the global market has been classified into BFSI, IT &rntelecommunication, retail & e-commerce, media & entertainment, amongrnothers.

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Regional Analysis

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By region, the global mobile payment technologies market has beenrnsegmented into North America, Europe, Asia Pacific, and the Rest of the World.

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North America is driving the market of mobile payment technologiesrnglobally attributed to one of the largest markets for smartphone consumption afterrnChina and the presence of significant players such as PayPal, Google, BlueSnap,rnand Global Payments, among others. Further, the developed economy,rninfrastructure advancement, increased market growth in digital and mobilerncommerce, and the advanced baking industry is other primary factors that drivernthe dominant market for mobile payments in North America.

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The Asia Pacific is the second-highest profit-generated mobile paymentrntechnologies market and is expected to experience the fastest growth rate in thernassessment period. Improving digital technologies, rising rate of smartphonernusage, rising adoption of online or mobile payment modes, and improving paymentrninfrastructure are some of the main factors expected to propel the industryrnfurther.

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Key Players

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MRFR has identified the following key players in the market - Google,rnPayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide,rnglobal payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, andrnPaysafe, among others.

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Mobile Payment Technologies Market, By Vertical (Entertainment, BFSI,rnRetail, Media, E-commerce), By Solution (QR Code, POS, NFC, Mobile Wallet,rnMobile Banking, Internet Payment), By Deployment (Hybrid, On-Cloud) – GlobalrnForecast till 2023

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About Market Research Future:

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At Market ResearchrnFuture (MRFR), we enablernour customers to unravel the complexity of various industries through ourrnCooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw ResearchrnReports (3R), Continuous-Feed Research (CFR), and Market Research &rnConsulting Services.

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MRFRrnteam have supreme objective to provide the optimum quality market research andrnintelligence services to our clients. Our market research studies by products,rnservices, technologies, applications, end users, and market players for global,rnregional, and country level market segments, enable our clients to see more,rnknow more, and do more, which help to answer all their most importantrnquestions.

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