Mobile Payment Market is valued around USD 1,409.50 Billion in 2019 and expected to reach USD 17,706.10 Billion by 2030 with the CAGR of 25.8% over the forecast period.
Mobile payments are a service based application which allows an individual to pay for goods and services at any outlet by using their smart phone. There have been various mobile applications created by various software developers to ensure the safety of one’s money which also reduces the need to carry extra cash. These mobile payments can be recharged as required or it can be directly linked with bank accounts which further reduce the need of recharging.
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Global Mobile Payment Market report is segmented on the basis of mode of transaction, type of mobile payment, application and by regional. Based upon mode of transaction, the mobile payment market is fragmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). On the basis of type of mobile payment, the market is categorized into Mobile Wallet/Bank Cards and Mobile Money. Based on application, the market is fragmented into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The mobile payments market is mainly driven by the constant rising demand of smartphone along with fast developing mobile applications. There has been technological advancement followed by the presence of developed infrastructure. In addition, growing demand of digital services along with high adoption rate is also expected to further fuel the market growth. On the other hand, constant update of existing mobile payment application accompanied by the high penetration rate of internet services along with the launch of new mobile payment application with user friendly interface & developed security. There is also growing demand of hassle free payment services along with high consumer awareness as well as growing adoption of such services is likely to fuel the market growth. However, growth in cyber-crime as well as rising security concerns among consumers can impede the market growth in the near future.
The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of developed communication & data services with high penetration of internet services followed by high adoption rate of smart phones. Asia Pacific is expected to dominate the mobile payment market in terms of growth rate owing to the rapid growth digital services along with the growing penetration of internet services. Moreover, growth in consumer awareness along with high end services as well as constant updates to enhance the user experience is expected to contribute the market growth.
The major market players profiled in the mobile payment market includes Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited, and Mahindra Comviva among others.