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MarketResearch.biz delivers in-depth insights on the global mobile payments market in its upcoming report titled, “Global Mobile Payments Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global mobile payments market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global mobile payments market report has been segmented on the basis of type, application, and region.
Mobile payments, also known as m-payment, mobile money, mobile money transfer, or mobile wallet, are transactions made or received via mobile devices. It is the transactions that is performed through mobile device instead of paying through cash, checks, or physical credit cards. Mobile payments can be used as an alternative to credit cards as it is more convenient and secure. The traditional credit cards store consumers’ information on the merchant’s point-of-sale (POS) terminals, while mobile payments don’t. When utilizing a mobile pay, mobile device serves as a security token and creates a random code for the transaction, which makes the transaction more secure.
With the technological advancements, the adoption rate for mobile payments is growing which is the key factor driving the growth of the market. The advantages of mobile payment include delivering convenience, improving sales, and retain customers. With the incentive programs attached to mobile payment applications it saves the information and logs payments for loyalty programs which add value to other purchases. Many businesses are adopting mobile payment plans as it is less expensive than a credit card payment system. Also, governments initiative to boost financial inclusion and reduce the use of cash is fuelling rapid growth in electronic payment. In order to match up to financial inclusion, rapid expansion of new technologies and innovations are taking place which are helping to make it more feasible for banks to reach the unbanked populations are other factors expected to fuel the growth of the market over the forecast period.
Rising concerns about the security is the major factor expected to restrain market growth over the forecast period. Due to over the air transaction customers’ data can be hacked and misused. Also, increasing transaction volumes causes delay resulting in customer attrition which may hamper the growth of the global mobile payments market. Here, companies are coming up with new convenient solutions in order to meet changing customer expectations.
Currently, the market in North America dominates the global mobile payments market in terms of revenue. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing adoption and high internet penetration are expected to boost growth of the global mobile payments market.
Global Mobile Payments Market Segmentation:
Segmentation on the basis of purchase:
- Airtime transfer and top-ups
- Money transfers and payments
- Merchandise and coupons
- Travel and ticketing
- Digital products
Segmentation on the basis of type
- Proximity Payment
- Near field Communication (NFC)
- QR Code Payment
- Remote Payment
- Direct operator billing (Credit/debit card-based)
- Digital wallet
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Apple Inc.
- Google LLC
- PayPal Holdings, Inc.
- Mastercard Incorporated
- One97 Communications Limited
- Bharti Airtel Limited
- Vodafone Group Plc
- Orange S.A.
- Samsung Electronics
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