Global Statistics Representing Mobile Payment Market Scenario
The increasing need for the easy and hassle-free purchase of goods and services has seen users moving towards cashless transactions and digital payments. The mobile payment market is emerging at a rapid pace with reputed merchants participating in digital payment services with advanced platforms for end users. Growing demand from the youth for technological advancements in mobile devices, along with digital transactions is likely to propel the growth of the global mobile payment market. The adoption of advanced technologies such as wearable devices, Near Field Communication (NFC), and mobile Point of Sale (PoS) payment methods are projected to propel the growth of the mobile payment market.
The global mobile payment market is expected to witness significant growth during the forecast period, owing to the growing awareness regarding mobile wallets such as Google Pay, Samsung Pay, Apple Pay, Paytm, and others. Additionally, the increasing demand for convenient shopping experiences and cashless transactions is also expected to provide impetus to the global mobile payment market. With technology providers offering advanced payment solutions, the adoption of mobile payment solutions has also observed an upward trend around the globe. Urbanization, introduction of innovative technologies, and increase in disposable income are expected to provide a fillip to the demand for mobile payment options during the forecast period. The increasing penetration of smartphones and smart wearable devices across emerging economies is also expected to contribute to the growth momentum in the market.
The mobile payment market is expected to grow at a CAGR of 29.9% during the forecast period, 2019–2026.
The global mobile payment market can be segmented by mode of transaction, application, method, end-user, and region. On the basis of mode of transaction, the mobile payment market can be segmented into Near-Field Communication (NFC), Short Message Service (SMS), direct transfer, Wireless Application Protocol (WAP), and others. By application, the market can be segmented into business users and personal users.
On basis of method, the mobile payment market can be segmented into Point of Sale (PoS) payment and remote payment and by end user, the global mobile payment market can be segmented into education, healthcare & hospitality, retail, and others.
Geographically, the global mobile payment market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
Asia Pacific is projected to witness dynamic growth in the mobile payment market on account of the growing youth population, which is active on online media. Additionally, the growing need for digitization across the region is also driving market growth. For instance, recently, Google LLC launched the TEZ payment app in India to expand its services into retail, gradually preparing to expand it to other Asian countries and beyond.
North America, followed by Europe, is expected to witness significant growth in the global mobile payment market with mobile commerce gaining traction and the introduction of innovative technologies. The prominent rise in the adoption of smart appliances such as smartphones is the key factor driving the growth of mobile payment technologies in the region. Moreover, stringent government regulations regarding digitization in developing regions and introduction of mobile money applications are also expected to surge the adoption of mobile payment services around the globe.
Latin America, the Middle East, and Africa are expected to experience healthy growth in the global mobile payment market, with increasing business lines, infrastructure development, and the inclination towards a digital economy.
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).
Mobile Payment Market Segmentation
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Our report covers insights on the global mobile payment market, focusing on recent developments in the market across different regions and the development strategies employed various market participants. Moreover, the following sections are specifically covered in the report.