New York, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Mobile Payment Technologies Market Size, Share, Industry Trends and Forecast to 2028- Covid-19 Impact and Global Analysis - by Mode of Transaction (Wireless End Use Protocol (WAP), Near-Field Communication (NFC), and Short Message Service (SMS)), Payment Mode (Proximity Payment and Remote Payment); End Use(Hospitality & Tourism Sector, BFSI, Media and Entertainment, Retail Sector, Health care, Education, IT & Telecommunication)," the global mobile payment technologies market size is expected to grow from USD 45.36 billion in 2021 to USD 323.03 billion by 2028 with an estimated CAGR of 32.8% from 2022 to 2028.
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Global Mobile Payment Technologies Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 45.36 Billion in 2021 |
| Market Size Value by | USD 323.03 Billion by 2028 |
| Growth rate | CAGR of 32.8% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Mode of Transaction End Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Mobile Payment Technologies Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003055/ |
The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments especially during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to ease of use and growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, contributing to the mobile payment technologies market growth.
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Global Mobile Payment Technologies Market: Competitive Landscape
Microsoft Corporation; Boku, Inc.; PayPal, Inc.; Alphabet Inc.; Apple, Inc.; AT&T, Inc.; MasterCard International, Inc.; Visa, Inc.; Ant Financial Services Group; and American Express, Co. are among the key mobile payment technologies market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the mobile payment technologies market and its ecosystem.
Financial service companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the mobile payment technologies market to expand during the forecast period.
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Based on technology, the mobile payment technologies market is further segmented into direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. By payment type, the mobile payment technologies market is categorized into B2B, B2C, and others. In terms of type, the mobile payment technologies market is divided into remote payment and proximity payment. From end use point of reference, the mobile payment technologies market is split into as hospitality & tourism sector, BFSI, media and entertainment, retail sector, health care, education, IT & telecommunication, and others.
Financial service companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the mobile payment technologies market to expand during the forecast period.
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