TOKYO, JAPAN, March 10, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Mobile Payment Market Size, Share, Growth Analysis Report By Technology (Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, and Others), By Payment Type (B2B, B2C, B2G, and Others), By Location (Remote Payment and Proximity Payment), By Industry Vertical (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” in its research database.
“According to the latest research study, the demand of global mobile payment market size & share was valued at approximately USD 53.5 billion in 2022. The market is expected to grow above a CAGR of 35.5% and is anticipated to reach over USD 607.9 billion by 2030.”
The report analyses the mobile payment market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global market.
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Mobile Payment Market Overview:
The term "mobile payment" describes an automated payment method performed using a mobile device while being financially supervised by regulatory bodies. It is a type of electronic payment in which mobile devices are used to approve, start, and validate financial transactions. These methods entail using a mobile application that is connected to the user's financial information. The presence of point-of-sale (POS) terminals and nearfield communications facilitates the exchange of money.
Customers can pay with greater security due to mobile POS systems because they don't store user data on the merchant's POS device. The hassle of handling traditional payment methods, such as cash and cheques, has been reduced by the use of mobile payments. Users now have greater convenience and data protection owing to these automated systems. They are therefore widely used in many different operational segments across many different end-use businesses, such as food service, retail, and entertainment.
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Key Insights from Primary Research
- As per the analysis, the mobile payment market is likely to grow above a CAGR of around 35.5% between 2022 and 2030.
- The Mobile Payment market size was worth around US$ 53.5 billion in 2022 and is estimated to hit approximately US$ 607.9 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The growing e-commerce industry across the globe is expected to drive mobile payment industry growth over the forecast period.
- Based on the technology, the mobile web payment segment accounted for the largest market share in 2022.
- Based on the payment type, the B2B segment is expected to hold the dominant position over the forecast period.
- Based on region, the Asia Pacific is expected to hold the largest revenue share during the forecast period.
Competitive Players
The report contains qualitative and quantitative research on the global Mobile Payment Market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Mobile Payment market include;
- Samsung Group
- Google LLC (Alphabet Inc.)
- Apple Inc.
- Amazon.com Inc.
- Paypal Inc.
- Mastercard PLC
- Visa Inc.
- American Express Co.
- Comviva Technologies Limited (A Tech Mahindra Company
- WeChat (Tencent Holdings Limited)
- Alipay.com Co. Ltd (Ant Financial)
- Alibaba Group Holdings Limited
- M Pesa
- Money Gram International
- FIS
- LevelUp
- One97 Communication
- Orange
- Oxigen
Browse the full “Mobile Payment Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” Report at https://www.fnfresearch.com/mobile-payment-market
Market Dynamics:
Growth Drivers & Restraints
Smartphone adoption is rising, and network infrastructure around the world has significantly improved, which are the main factors driving the mobile payment industry. Various retail establishments have been able to set up mobile-based payment options for their customers due to the accessibility of high-speed internet connectivity. The increased knowledge of the increased safety connected to using these transactions is helping to support this. These purchases are very safe because no account information or other sensitive user data is stored during the transactions. When a customer enters sensitive information about an account or credit card in a mobile application, the bank validates it and creates a token that stands in for the user's personal information.
Furthermore, the token, which is frequently combined with a one-time security password, is used to make the payments. Additionally, by effectively securing the payment gateway and personal information, these mobile payment apps integrate passcodes and/or biometric authentication methods, reducing the likelihood of security theft or fraud. However, the security concern regarding mobile payment is expected to hamper the growth of the market over the forecast period.
Mobile Payment Market: Segmentation Analysis
The global mobile payment market is segmented based on technology, payment type, location, industry vertical, and region.
Based on the location, the global market is bifurcated into remote payment and proximity payment. The remote payment segment is anticipated to capture the highest market share over the forecast period. Since remote payments do not necessitate face-to-face contact, they are growing in popularity, especially in light of the COVID-19 pandemic outbreak. To enable customers to make payments remotely, several businesses have released remote payment applications.
For instance, SumUp stated in March 2020 that mobile payments and invoicing would be available across Europe, enabling customers to make secure payments from a distance using their cell phones. The segment is anticipated to increase as a result of the growing use of virtual terminals for remote billing.
Based on the technology, the mobile payment industry is bifurcated into near-field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others.
Based on the payment type, the global mobile payment industry is segmented into B2B, B2C, B2G, and others.
Based on the industry vertical, the global market is bifurcated into BFSI, healthcare, IT & telecom, media & entertainment, retail & e-commerce, transportation, and others. The BFSI segment is expected to grow at the highest CAGR over the forecast period.
Several institutions are actively attempting to roll out mobile payments, which will help the market expand. Businesses are concentrating on implementing a customized suite of all-encompassing payment solutions to address specific problems in the wealth management, financing, and insurance sectors. Banks now have new opportunities to provide more ease to their current customers and reach a sizable population of unbanked customers in developing nations via mobile banking and payments.
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Regional Analysis:
- The Asia Pacific is expected to hold the largest revenue share during the forecast period
The Asia Pacific is expected to hold the largest revenue share in the global mobile payment market over the forecast period. The main reason fueling the rapid expansion of the mobile payment market in this region is the rising adoption of smart appliances like smartphones. Additionally, the expansion of the mobile payment industry in this region is being supported by growing government initiatives as well as growing initiatives from mobile companies offering fast internet service.
The government of India, for instance, has a program called " Digital India" that aims to connect rural areas to high-speed internet networks. Vietnam has the mobile payments market's highest growth rate in the Asia-Pacific region. With about 86 percent of its people using mobile payments, China takes the lead. Thailand follows with about 67%.
Recent Industry Developments:
- In March 2022, IZEAliant Technologies was acquired by RAZORPAY, an Indian supplier of full-stack financial solutions. By acquiring IZealiant, RAZORPAY will be able to assist banks with first-rate technological infrastructure, improving the payment experience for end users. Software solutions for financial institutions are offered by IZealiant Technologies, which is located in India.
- In March 2022, Tink, an open banking platform that enables financial institutions and fintech companies to create services and goods as well as move money, has been acquired by Visa. The partnership between Tink and Visa is anticipated to enhance client management of financial services, financial data, and financial resources.
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Key questions answered in this report:
- What is the size of the mobile payment market and what is its expected growth rate?
- What are the primary driving factors that push the mobile payment market forward?
- What are the mobile payment Industry's top companies?
- What are the different categories that the mobile payment Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the mobile payment market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in 2022 | USD 53.5 Billion |
| Projected Market Size in 2030 | USD 607.9 Billion |
| CAGR Growth Rate | 35.5% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Samsung Group, Google LLC (Alphabet Inc.), Apple Inc., Amazon.com Inc., Paypal Inc., Mastercard PLC, Visa Inc., American Express Co., Comviva Technologies Limited (A Tech Mahindra Company, WeChat (Tencent Holdings Limited), Alipay.com Co. Ltd (Ant Financial), Alibaba Group Holdings Limited, M Pesa, Money Gram International, FIS, LevelUp, One97 Communication, Orange, Oxigen, and others. |
| Key Segment | By Technology, Payment Type, Location, Industry Vertical, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global mobile payment market is segmented as follows:
By Technology
- Near Field Communication
- Direct Mobile Billing
- Mobile Web Payment
- SMS
- Interactive Voice Response System
- Mobile App
- Others
By Payment Type
- B2B
- B2C
- B2G
- Others
By Location
- Remote Payment
- Proximity Payment
By Industry Vertical
- BFSI
- Healthcare
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Transportation
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Technology, Payment Type, Location, Industry Vertical, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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