New York, NY, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Mobile Payment Technology Market by Payment Mode (Proximity Payment and Remote Payment), by Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet, Banking App-based, SMS-based/DCB, and Others [USSD/STK, MST, etc.]), and by Application (BFSI, Retail, Healthcare, Entertainment, IT and Telecom, Energy & Utilities, Hospitality & Tourism, and Others [Education, Government]): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’. According to the report, the global mobile payment technology market was valued at around USD123.5 billion in 2017 and is expected to reach approximately USD 3,371.6 billion by 2024, at a CAGR of 60% between 2018 and 2024.
Payment processed through mobile/ Smartphone for goods, services, or transfer of money is termed as mobile payment, and the technology used to accomplish the task is known as mobile payment technology. This modern method of facilitating payment transactions based on new-age payment channels and technologies is prognosticated to take payment industry to next level.
Browse through 81 Tables & 34 Figures spread over 142 Pages and in-depth TOC on “Global Mobile Payment Technology Market: Industry Size, Share, Trends, Growth, Analysis and Forecast, 2017-2024”.
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The simplicity and swiftness provided to consumers by means of consistent technological advancement in the mobile payment industry are driving the growth of the global mobile payment technology market. Owing to the humongous rise in the number of mobile users, mobile payments have depicted strong growth in the last couple of years. In 2017, around 50% of the U.S. cell phone users were indulged in some kind of mobile payment activities and the figure is projected to reach 90% by 2020 with the use of various technologies such as Apple Pay and Android Pay.
Major factors contributing to the global payment industry growth is high adoption rate of mobile phone users as well as faster internet connectivity, for instance, the increasing penetration of mobile retail transactions and e-commerce activities in the Asian market. In 2016, an m-commerce sector in India accrued revenue of around USD 10.46 billion and is expected to witness a four-fold growth by 2020 to reach USD 40 billion. Also, the increasing penetration rate of contactless POS in shopping malls, restaurants, and small retail shops will drive the mobile payment technology market growth in the coming years. The risks associated in processing mobile payments including financial details of the card owner during the transaction can pose a threat for the market growth. Government initiatives in promoting digital payments are expected to create new opportunities in the mobile payment technology market.
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Mobile payment technology market is segmented based on payment mode, technology, applications, and region. Payment mode segment is categorized into proximity payment and remote payment. NFC, QR code, WAP & card-based, digital wallet, banking app-based, SMS-based/DCB, and others [USSD/STK, MST, etc.]are the technology-based segmentation of the mobile payment technology market. The rise in NFC enabled smartphones is anticipated to boost the NFC segment growth and is likely to account for a substantial share towards mobile payment technology market. Various applications pertaining to mobile payment technology are BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others [education, government]. Increasing adoption of mobile payments in the banking sector is expected to boost BFSI’s share in the estimated timeframe.
North America is expected to hold a substantial share in the global mobile payment technology market in terms of revenue, owing to significant adoption of mobile phones (more than 70%) in the U.S. The technology is increasingly being used in BFSI and government sectors, as it offers both security and transparency along with quick payment processing alternatives. Apple Pay, PayPal, and Android Pay are the most trusted and popular methods for mobile payments in the U.S. In 2016, the mobile payments market in Canada reached 21.3 billion consumers, accounting for business transactions worth USD 9.2 trillion as compared to 1.2 billion consumers in 2015 with transactions worth USD 30 billion, registering a growth of 70%. According to a report, 51% of Canadian consumers expect that most of the transactions in the future will take place through their smartphones.
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Europe is anticipated to hold a notable share in the global mobile payment technology market during the forecast period, owing to the European Union’s initiatives to promote digital currency. European citizens prefer mobile payments, owing to the European Payments Council (EPC) promotion of electronic payments through innovative instruments such as mobile and cards.
Portugal prefers and follows modern financial system with many Portuguese use cards more frequently and carry the least amount of cash of all European citizens. According to the European Central Bank, in 2016, average amount of cash carried by Portuguese was lowest (29 Euros) as compared to (63 Euros) for all other eurozone countries. The EPC aims at harmonization of electronic payment method in SEPA (Single Euro Payments Area) region, to ease transactions for the European citizens as they pay in their own country. Partnering with global firms has benefited regional companies to expand their reach. For instance, PayPal signed an agreement with Vodafone, allowing the California-based payments firm to have a powerful ally in Europe to implement Near Field Communication technology.
Browse the full "Mobile Payment Technology Market by Payment Mode (Proximity Payment and Remote Payment), by Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet, Banking App-based, SMS-based/DCB, and Others [USSD/STK, MST, etc.]), and by Application (BFSI, Retail, Healthcare, Entertainment, IT and Telecom, Energy & Utilities, Hospitality & Tourism, and Others [Education, Government]): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024" report at https://www.zionmarketresearch.com/report/mobile-payment-technology-market
Asia Pacific is projected to contribute the largest revenue share in global mobile payments technology market, owing to huge presence of Smartphone users coupled with favorable government initiatives promoting digital payments. Regional players are collaborating with foreign government or private firms to facilitate mobile payment in their respective countries. For instance, Alipay, a Chinese company in collaboration with the Singapore Tourism Bureau (STB) demonstrated the ability of consumers to travel without using any cash. Alipay helped consumers purchase souvenirs, meals, transportations, and accommodations. Earlier in 2017, Alipay presented similar demonstration in Finland to promote cashless transactions. Recently, Australia’s Mobile Credit Payment (MC Payment) started delivering payments via messaging apps to Indonesia. Demonetization in India took place in 2016, which opened several avenues for implementing digital payment schemes in the country. Millions of POS machines were brought by small retailers, in villages, at ticket counters, and other places that triggered the growth of mobile payments in India.
Major players operating in the global mobile payment technology market are American Express Co., Fortumo, BhartiAirtel Ltd., MasterCard International Inc., Microsoft Corporation, Boku Inc., PayPal Inc., AT&T Inc., and Visa Inc. The acquisition is the primary strategy adopted by the global players in the mobile payment technology market. In 2015, PayPal, an American multinational company operating in the online payment systems, acquired Xoom, a digital remittance provider.
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The report segments the global mobile payment technology market as follows:
Mobile Payment Technology Market: Payment Mode Segment Analysis
- Proximity Payment
- Remote Payment
Mobile Payment Technology Market: Technology Segment Analysis
- NFC
- QR Code
- WAP & Card-Based
- Digital Wallet
- Banking App-based
- SMS-based/DCB
- Others ([USSD/STK, MST, etc.]
Mobile Payment Technology Market: Application Segment Analysis
- BFSI
- Retail
- Healthcare
- Entertainment
- IT and Telecom
- Energy & Utilities
- Hospitality & Tourism
- Others (Education, Government)
Mobile Payment Technology Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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