SEATTLE, May 25, 2020 (GLOBE NEWSWIRE) -- Mobile payment is the payment service operated under financial rules and norms and executed over various mobile devices. It is a novel technology where consumers use mobile to pay for goods and services instead of cheque, credit cards, and cash. Mobile payments are increasingly becoming a vital instrument in various markets, in order to achieve new growth opportunities. In emerging economies, mobile payment solutions have been deployed as a means of extending financial services to the community known as underbanked.
The global Mobile Payment market is estimated to account for US$ 664.19 Bn in 2019 and is expected to grow at a CAGR of 20.5 % over the forecasted period 2020-27.
Market Drivers
- Increasing number of mobile subscribers worldwide is expected to support growth of the global mobile payment technologies market during the forecast period
Mobile subscribers across the globe have increased significantly in the last decade. This count is rapidly increasing in emerging economies such as India, China, Indonesia, and Brazil. According to the Cellular Operators Association of India (COAI), in December 2018, there were around 1.030 billion in India, increasing from 755.62 million from December 2015. Increasing number of mobile subscribers has subsequently increased mobile payment adoption.
- Growing use of digital payment-based business models by organizations is expected to boost the global mobile payment technologies market growth over the forecast period
Many organizations have launched digital payment-based business models, in order to offer convenience and sophistication to consumers. As a result of this, adoption of mobile payment technologies is rapidly increasing. Furthermore, rising internet penetration has led to increased adoption of payment technologies.
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Key Takeaways
- Asia Pacific holds the dominant position in the global Mobile Payment market and is expected to witness significant growth over the forecast period 2020-27. This is owing to the increasing number of mobile internet users of in this region. According to the Coherent Market Insight analysis mobile internet penetration in Asia Pacific region increased from 45% in 2018 to 49% in 2019 owing to the emerging economies such as China and India. The number of mobile internet users are also expected to show a significant growth during the forecast period.
- Among Type segment, Remote Payment Type sub segment is expected to dominate the global Mobile Payment market over the forecasted period 2020-27. This is owing to wide advantages of Remote Payment Type over the other types. Remote payment type includes the payment methods such as Digital wallets, Debit Card and Sim Card based payments. Digital Payment methods have features such as storage of credit card and debit card information. The most appealing feature of digital wallets is discount provided on online transactions. For Instance, Paytm App offers discount on purchase of the items from ecommerce platforms such as the Amazon and Flipkart.
- Among Purchase Type segment Money Transfers & Payments sub segment is expected to create a lucrative opportunity for global Mobile Payment market. This is owing to the increased online payment and transactions among the people. People now a days are doing online purchases from ecommerce platforms such as Amazon and Flipkart. The ecommerce industry by revenue is expected to show a significant growth during the forecast period.
Competitive Section
Major companies involved in the global mobile payment technologies market are Bharti Airtel Ltd, PayPal, Inc., Fortumo, Microsoft Corporation, Boku, Inc., MasterCard International Inc., Vodafone Ltd., Apple, Inc., Visa, Inc., American Express, Co., AT & T, Inc., Google, Inc., and State Bank of India (SBI).
Key Developments
- Major companies in the market are involved in partnership and collaboration activities, in order to strengthen the market position. For instance, in April 2020, Microsoft Corporation collaborated with Ethoca, a subsidiary of MasterCard International Inc., to allow customers of Microsoft Corporation to get easy access to digital receipts.
- Key market players are focused on product and service development, in order to expand product portfolio. For instance, in August 2018, Fortumo launched direct carrier billing and SMS messaging in Sweden.
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Market Segmentations:
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- By Type
- Proximity Payment
- Near field Communication (NFC)
- QR Code Payment
- Remote Payment
- SMS-based
- USSD/STK
- Direct operator billing (Credit/debit card-based)
- Digital wallet
- Purchase Type
- Airtime Transfers & Top-ups
- Money Transfers & Payments
- Merchandise and Coupons
- Travel and Ticketing
- Others
- By End-use Application
- Hospitality & Tourism Sector
- BFSI
- Media & Entertainment
- Retail Sector
- Health Care
- Education
- Others