Jersey City, New Jersey, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Mobile Payment Market” By Payment Mode (Proximity Payment and Remote Payment), By Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet), By Application (BFSI, Retail, Healthcare, Entertainment), and By Geography.
The Mobile Payment Market size was valued at USD 0.98 Trillion in 2020 and is projected to reach USD 15.69 Trillion by 2028, growing at a CAGR of 41.10% from 2021 to 2028, according to the most recent study from Verified Market Research.
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Browse in-depth TOC on “Mobile Payment Market”
202 - Pages
126 – Tables
37 – Figures
Report Scope
Global Mobile Payment Market Overview
Mobile payment technology refers to a money transfer for a product or service through a portable electronic device such as a cell phone or tablet. It is used to send money to the shopkeeper, family members, and friends with an application such as Google Pay, Phone Pay, Paytm, PayPal, and Venmo. The technology enables payment information encryption during transmission, the most obvious advantage of mobile payments is the elimination of a physical wallet, which saves effort to keep the change, and is safe from wallet thieves. Mobile payments offer additional privacy and security benefits compared to physical cards.
Many banks have adopted technology into their banking apps that allow customers to send money directly from their banking accounts. Mobile payment simply by scanning a barcode on an app at convenience stores to large, multi-national retailers is trending nowadays. Mobile payments have become increasingly popular owing to assured flexibility, and convenience. Players within the market are actively collaborating with banks to bring new applications, and the degree of the entrance is estimated to be high during the forecast period.
There are certain restraints and challenges faced which can hinder market growth. Payment mode stores personal information including card PIN, purchasing pattern, location, amount balance, and others. This increases security concerns amongst the consumers which are likely to act as a market restraint.
Key Developments
Partnerships, Collaborations, and Agreements
- In 2019, Wirecard and Sisal Group agreed to collaborate on contactless payment solutions under the SisalPay brand.
Mergers and Acquisitions
- In April 2019, MasterCard International Inc. acquired Vyze, a point-of-sale financing company that supplies retailers with network access of creditors, enabling customers to receive various funding options during purchase.
Product Launches and Product Expansions
- In February 2019, Visa and Planeta Informatica announced the release of new technology that allows transport modes operators around the globe to enact contactless payments easily and quickly than before, and at a much cheaper price.
Key Players
The major players in the market are Samsung Group, Google LLC, Amazon.com Inc., Visa Inc., Paypal Inc., Orange SA, Alipay.com Co. Ltd, American Express Co., Apple Inc., and Mahindra ComViva.
Based on their research, Verified Market Research has segmented the global Mobile Payment Market.
- Mobile Payment Market, by Payment Mode
- Proximity Payment
- Remote Payment
- Mobile Payment Market, by Technology
- NFC
- QR Code
- WAP & Card-Based
- Digital Wallet
- Banking App-based
- SMS-based/DCB
- Others
- Mobile Payment Market, by Application
- BFSI
- Retail
- Healthcare
- Entertainment
- IT and Telecom
- Energy & Utilities
- Hospitality & Tourism
- Others
- Mobile Payment Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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Top 10 Mobile Payment Companies completing local and cross-border transactions
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