Increase in the penetration of smartphones and related mobile devices around the globe is expected to drive the mobile payment market. The introduction of mobile payment applications and digital payment platforms is a key factor providing impetus to market growth.
The global mobile payment market is segmented by the mode of transaction, application, method, end-user, and region.
On the basis of mode of transaction, the mobile payment market is segmented into Near-Filed Communication (NFC), Short Message Service (SMS), direct transfer, Wireless Application Protocol (WAP), and others. SMS and NFC are expected to foster the growth of the global mobile payment market, owing to the high penetration of smartphones and demand for faster money transactions across the globe. Additionally, micropayments, growth of e-commerce, the rigidity of banks, and other inefficiencies in services are expected to bolster the growth of the market. NFC facilitates the connection between two electronic devices such as smartphones, thereby providing a speedy, secured, and convenient approach.
On the basis of application, the market is segmented into business users and personal users. Business users are expected to provide a fillip to the demand for mobile payment solutions, owing to the rise of e-commerce and m-commerce industries.
Based on method, the mobile payment market is segmented into Point of Sale and remote payment. The growing number of merchants demanding enhanced payment processing systems on account of the growth of m-commerce is also acting as a catalyst to the transformation towards a cashless economy.
By end user, the global mobile payment market can be segmented into education, healthcare & hospitality, retail, and others.
Geographically, the global mobile payment market is segmented to North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
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North America and Europe are expected to witness dynamic growth in the mobile payment market during the forecast period, 2019–2026. This is attributed due to the early adoption of advanced and innovative technologies in the region. Increase in disposable income, changing lifestyle, and adoption of new technologies are expected to positively influence market growth. The need to simplify the complex business payment services in the region can also be considered as one of the factors driving market growth. The increasing demand for faster payments among customers and businesses is projected to bring in opportunities for the market in the region.
Asia-Pacific is expected to witness significant growth in the mobile payment market, owing to the rising adoption of innovative and advanced technologies in the region. Additionally, increasing digitization and smartphone penetration in the region are also expected to impel market growth. The region’s growing population, with a subsequent increase in transaction count, is also expected to boost the mobile payment market. The growing number of enterprises in the region are also expected to drive the market on account of investments by domestic and international enterprises in the region.
The LAMEA region is expected to witness significant growth in the mobile payment market, backed by growing businesses in the region, which are surging the demand for online digital transactions.
Some of the prominent players in the global mobile payment market are Google Inc. (U.S.), Apple Inc. (U.S.), Samsung Pay, Alipay.com (China), PayPal Pte. Ltd. (U.S), MasterCard (U.S.), Visa (U.S.), Square Inc. (U.S.), and Paytm (India).
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