Pune, India, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The global mobile payment market size was valued at USD 1.54 trillion in 2020. The market is expected to grow from USD 1.97 trillion in 2021 to USD 11.83 trillion in 2028, exhibiting a CAGR of 29.1% during the forecast period. Digitalization of payment services and rising e-commerce businesses are responsible for the increasing market developments. Fortune Business Insights™ provides this information in its report titled “Mobile Payment Market Forecast, 2023-2028”
Industry Development
American Express Co. unveiled a web version and mobile app, Amex Pay for the payments of taxes, insurance, internet bills, cable bills and more. This novel application also provides rewards and upgrades to its users.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 29.1% |
| 2028 Value Projection | USD 11.83 Trillion |
| Base Year | 2020 |
| Mobile Payment Market Size in 2020 | USD 1.54 Trillion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Payment Type, Industry and Geography |
| Mobile Payment Market Growth Drivers | Cash-Back and Prize Approaches to Reinforce Market Growth |
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Drivers & Restraints
Cash-Back and Prize Approaches to Reinforce Market Growth
Numerous mobile payment service suppliers are capitalizing in their businesses, thus forming ferocious competition in the consumer market. To uphold a loyal customer base and generate fresh customers, the payment application corporations such as Google Pay, Amazon Pay, Alipay, and others are enforcing novel tactics. For example, Google Pay offers scratch cards comprising a specific sum that can be gained over marginal transactions.
Such strategies are aiding in upholding customer loyalty with the users paying through smartphones. This is boosting the mobile payment market growth.
Increasing Adoption of Technology to Spur Demand
The financial industry is witnessing a massive surge in technological advancement with the introduction of modern applications of artificial intelligence (AI). Major concerns surrounding the adoption of mobile wallet technology are security and safety concerns that inhibit the growth. However, with the introduction of AI, the manufacturers are trying to develop innovative products that have the ability to detect fraud and ensure a secure environment for monetary transactions. Additionally, increasing adoption of near field communication (NFC) and point of sales (POS) by the commercial enterprises is driving the demand for global mobile payment market during the forecast period.
Segmentation
On the basis of payment type, the market is classified into proximity payment and remote payment.
In terms of industry, the market is segregated into media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others. BFSI to gain rapid growth and maximum revenue share during the forecast period.
Geographically, the Mobile Payment Market is bifurcated into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into leading nations.
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Regional Insights
Asia Pacific is probable to hold the majority of mobile payment market share market during the forecast period. In India, the implementation of digital wallets and QR code services has suddenly augmented post the government’s demonetization procedure.
North America is projected to be responsible for the second-highest market share. The U.S. has well-developed payment modes and a substantial amount of crucial players have their head offices in this country.
Europe provides several digital mobile payment resolutions, in which, most of the people possess bank accounts as well as payment cards. The presentation of ground-breaking payment solutions through smartphones is thrusting the implementation of mobile payment services in the region.
Report Coverage
We provide our reports which are directed with a comprehensive examination approach that largely accentuates on providing precise material. Our scholars have applied a data triangulation method which further aids us to provide dependable approximations and test the general market dynamics precisely. Further, our analysts have attained admission to various international as well as regional funded records for offering up-to-date information so that the shareholders and business experts invest only in crucial zones.
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Competitive Landscape
Prominence on Unveiling Novel Payment Platforms to Navigate Market Growth
The indispensable companies present in the market are financing in the development of exclusive mobile device payment solutions. Numerous network operators and mobile payment suppliers are teaming up to make an entrance in the market. Vital players across the industries are utilizing these payment solutions to offer value-added services and to boost the customer experience.
List of Key Market Players-
- Alipay.com Co Ltd.
- Amazon.com, Inc.
- American Express Co.
- Boku Inc.
- Google LLC
- MasterCard International Inc.
- Obopay
- Fidelity National Information Services
- PayPal, Inc.
- Visa, Inc.
Major Points in TOC:
-
- Global Mobile Payment Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Mobile Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Payment Type (Value)
- Proximity Payment
- Near Field Communication (NFC)
- QR Code Payment
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
- Proximity Payment
- By Industry (Value)
- Media & Entertainment
- Retail and Ecommerce
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronic
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Payment Type (Value)
- North America Mobile Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Payment Type (Value)
- Proximity Payment
- Near Field Communication (NFC)
- QR Code Payment
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
- Proximity Payment
- By Industry (Value)
- Media & Entertainment
- Retail and Ecommerce
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronic
- Others
- By Country (Value)
- United States
- Canada
- By Payment Type (Value)
- Global Mobile Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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