Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global Mobile Payments market 2020 is projected to rise exponentially over the review period, ensuring a significant market valuation of approximately US$ 11.85 billion by 2023 and a healthy CAGR of 29.5% over the review period.
Drivers and Restraints
Mobile phones (especially smartphones) have become an vital commodity to an individual with the rapidly growing global economy. Similarly, for many people the internet has become a part of life as well. This has augmented the penetration of smartphones and internet users worldwide leading the mobile payment market to expand. Many governments also encourage banks to develop infrastructure in rural areas to allow safe and secure mobile payments, which is a huge opportunity for vendors. With the growing number of mobile devices around the world and cellular high-speed networks, the e-commerce market is in a booming phase. With the rising number of omni-channel vendors worldwide, and especially in Asia-Pacific countries such as India and China, this scenario is expected to further boost the mobile payment industry. With firms such as Paytm and Google Pay joining, the market is becoming very lucrative for other firms to set up their services. The growing number of data processing tools and analytics of big data are enabling vendors to tailor their offerings to increase the likelihood of sales. Morevoer the Covid 19 pandemic has raised demand for mobile payments as contactless services are increasingly required. Closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry.
Competitive Analysis
The major market players operating in the global Mobile Payments Market as identified by MRFR are Alipay.com (China), Apple (U.S.), Amazon.com, Inc. (U.S.), Starbucks Corporation (U.S.), General Motors Company (U.S.), PayPal holdings, Inc. (U.S.), Samsung Group (South Korea), MasterCard Incorporated (U.S.), Square, Inc. (U.S.) Paytm (India), among others.
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Segmental Analysis
Mobile payments market is analyzed on the basis of mode of transaction, mode payment, and end use application.
Segmentation by Mode of Payment has been done into Mobile Money and Mobile wallet/Bank Cards. Segmentation by Mode of Transaction has been done into Wireless application protocol (WAP), Short message service (SMS), Near field communication (NFC) among others. Segmentation by Application has been done into Education, Healthcare, Entertainment, Retail, Hospitality among others
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Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Asia-Pacific region has enormous potential for the mobile payment industry and is leading the global market at present. Huge numbers of smartphone users, increased awareness of mobile banking and increasing internet penetration in Asian countries are expected to fuel the region 's market. In addition, Asian countries like India and China's different government approach to promoting the digital economy also fuel the market for mobile payment in the Asia-Pacific region. The region is also becoming popular among businesses and start-ups that see opportunities for the future and invest heavily in promoting mobile payment and solutions. By comparison, Europe has second-largest Mobile Payments Market share. The involvement of global players and established technological infrastructure in the European countries are among the mobile banking's main growth factor. In the growing mobile payment market, too, high literacy rates and awareness of the digital system among the citizens of European countries also play a part. Whereas the mobile payment market in North America is rising with considerable growth rate. Major factors such as presence of global players and rich technological advancements in U.S. and Canada is driving the market.
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