Mobile Payment Market is valued around USD 1,409.50 Billionin 2019 and expected to reach USD 17,706.10 Billion by 2030 with the CAGR of 25.8%over the forecast period.
Mobile payments are aservice based application which allows an individual to pay for goods andservices at any outlet by using their smart phone. There have been variousmobile applications created by various software developers to ensure the safetyof one’s money which also reduces the need to carry extra cash. These mobilepayments can be recharged as required or it can be directly linked with bank accountswhich further reduce the need of recharging.
Global Mobile Payment Marketreport is segmented on the basis of mode of transaction, type of mobile payment,application and by regional. Based upon mode of transaction, the mobile paymentmarket is fragmented into Short Message Service (SMS), Near-field Communication(NFC), and Wireless Application Protocol (WAP). On the basis of type of mobilepayment, the market is categorized into Mobile Wallet/Bank Cards and MobileMoney. Based on application, the market is fragmented into Entertainment,Energy & Utilities, Healthcare, Retail, Hospitality & Transportation,and Others. The regional bifurcation of countries includes North America,Europe, Asia-Pacific, and RoW which are further segmented into major countriessuch as U.S., UK, France, and others.
The mobile payments marketis mainly driven by the constant rising demand of smartphone along with fastdeveloping mobile applications. There has been technological advancementfollowed by the presence of developed infrastructure. In addition, growingdemand of digital services along with high adoption rate is also expected to furtherfuel the market growth. On the other hand, constant update of existing mobilepayment application accompanied by the high penetration rate of internetservices along with the launch of new mobile payment application with userfriendly interface & developed security. There is also growing demand ofhassle free payment services along with high consumer awareness as well asgrowing adoption of such services is likely to fuel the market growth. However,growth in cyber-crime as well as rising security concerns among consumers canimpede the market growth in the near future.
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The developed regions suchas North America and Europe are expected to hold the major market share owingto the presence of developed communication & data services with highpenetration of internet services followed by high adoption rate of smart phones.Asia Pacific is expected to dominate the mobile payment market in terms ofgrowth rate owing to the rapid growth digital services along with the growingpenetration of internet services. Moreover, growth in consumer awareness alongwith high end services as well as constant updates to enhance the userexperience is expected to contribute the market growth.
The major market playersprofiled in the mobile payment market includes Orange S.A., Bharti AirtelLimited, Vodacom Group Limited, Safaricom Limited, Econet Wireless ZimbabweLimited, Millicom International Cellular SA, MasterCard Incorporated, PayPalHoldings, Inc., MTN Group Limited, and Mahindra Comviva among others.
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