Mobile Payment Technologies Market 2019 Size, Share Leading Growth Drivers, Emerging Audience, Emerging Factors, Leading Growth Drivers, Segments, Sales, Profits and Future Outlook | COVID-19 Impact
The progress in digital payments is estimated to create a favorable scenario for the mobile payment technologies market share. The smartphone usage rate is projected to create a promising growth outlook for the mobile payment industry growth in the upcoming period. The progressive technologies such as artificial intelligence, cloud, IoT, and big data are anticipated to boost the market in the coming period.
Global Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023. Development in digital technology, increasing adoption rate of smartphones and internet on mobile, investment by non-banking institutions in the payment system, and dynamic consumer market are some of the prime factors which are driving the market of mobile payment technology globally. However, lack of cross-border payment standards is expected to hinder the market growth in coming years. Whereas, development in 5G network, introducing artificial intelligence technology in digital payments are expected to build fruitful opportunity for the growth of the market. On the other hand, increasing cyber-attacks is one of the major challenges faced by the market.
Detailed Regional Analysis
The geographical analysis of Mobile Payment Technologies market is studied for North America (U.S, Canada, and Mexico), Europe (Germany, U.K, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, South Korea and Rest of Asia-Pacifc), and the Rest Of The World (including the Middle East & Africa, and South America).
Currently, North America is a leading market in Mobile Payment Technologies. North America is an established region in terms of advanced infrastructure and is widely known as an early adopter of new technologies. Government regulations in key countries such as US, and Canada, designed for the benefit and development of digital payment have benefitted the market in the region. Advancements in technologies such as IoT, AI and cloud computing offer opportunities for the development of mobile payment technologies in the region. Further, mobile PoS is projected to grow with highest CAGR in North America digital commerce market by 2023. US among countries is the leading market, whereas, Canada mobile payment market is projected to witness high growth in the coming years due to increasing adoption rate of contactless payment options by banks and enterprises.
Asia-Pacific is second-leading Mobile Payment Technologies market and is also projected to grow with fastest growing CAGR. Increasing adoption of smartphones, increasing penetration of e-commerce giants such as Google Pay, Samsung Pay, Paytm, government support for digitization, and development in network technologies such as 4G, and 5G, are the prime factors behind the growth of the market. China is the leading market whereas, India, followed by Singapore and Australia are projected to register highest growth rate in the coming years. “Digital India” campaign is one of the major moves by the Government of India to promote mobile based payments in the country. Banking cards, Aadhaar Enabled Payment System (AEPS), UPI, mobile wallets, PoS, Internet Banking, and Bharat Interface for Money (BHIM) app are some of the popular mobile payment methods in India.
The segmental insight in the mobile payment technologies market trends includes segments such as vertical, solutions, organization size, deployment mode, and region. On the basis of solutions, the mobile payment technologies market is segmented into in-store payments, point-of sale (PoS) solutions, and remote payments. Based on the deployment, the mobile payment technologies market is segmented into on-premise, hybrid, and on-cloud. On the basis of organization sizes, the mobile payment technologies market is segmented into SMEs and large enterprises. On the basis of vertical, the mobile payment technologies market is segmented into IT & telecommunication, retail & e-commerce, BFSI, media & entertainment, among others. Based on the regions, the mobile payment technologies market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions.
The market is anticipated to be driven by developments in technology in the upcoming period. The existing state of the economy is projected to spur the market demand in the future. The products and services in the market are fine-tuned to meet the consumer requirements favorably in the forecast period. The impediments to market success are swiftly and effectively being addressed so as to reduce the eventuality of a slump in the market. The availability of funding through strong backers in the market is predicted to enhance the market’s global standing further. The innovations in the market are being induced by effective research of consumer’s likings. The expansion of resources being used in the market is expected to be revolutionized with a sufficient allotment of resources. Government support for the market is anticipated to create new opportunities for growth. The market size is also projected to develop at an incremental pace in the forecast period.
The well-known players in the mobile payment technologies market are PayPal, Fiserv, First Data, PayU, Novatti, Paytm, Wirecard, Google, global payments, BlueSnap, Worldpay, Dwolla, Stripe, ACI Worldwide, Six Payment Services, and Paysafe among others.
Feb 2020 Fiserv Inc. recently stated that it is checking ground-breaking PIN on mobile technology with the support of Samsung Electronics Co., Visa Inc., and PayCore Inc., which permits merchants to receive payments on a consumer-grade mobile device.