The latest study conducted by Market Research Future (MRFR) reveals that the global mobile payment technologies market surpass a valuation of USD 87 Bn by 2023 up from USD 37 Bn in 2017, reflecting a double-digit growth rate. Factors such as advances in digital technology, boom in smartphone users, increased internet penetration and transformation in payment system and growing consumerism trends are influencing the market growth in different aspects.
The arrival of 5G network, IoT boom, cloud computing, big data, and integration of AI in digital payment is also creating lucrative opportunities. The increased reliance on mobile payment system is also attributed to the growth of the e-commerce. Market players are actively focusing on optimizing their payment platforms to cater to specific requirements of users. The level of awareness among consumers about technologies has consistently increased in recent years. Services & products offered by mobile payment companies have gained tremendous traction.
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Major Key players
- First Data,
- ACI worldwide,
- global payments,
PayU, Dwolla, Stripe, Six Payment services, and Paysafe among others
According to MRFR, Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023
The segmental analysis of the market has been conducted on the basis of deployment mode, solutions, vertical, organization size, and region.
By deployment mode, the market has been segmented into on-cloud, on-premise and hybrid
By solution, the market has been segment into point-of sale (PoS) solutions, in-store payments and remote payment. By PoS solutions is further sub-segmented into magnetic secure transmission (MST) payments, near-field communication (NFC) payment, and sound-wave based payments. The In-store payment solution segment is further sub-segment into Quick response (QR) code payments and mobile wallets. The remote payment segment is further segmented into SMS payments, internet payments, mobile banking and direct carrier billing.
By vertical, the market has been segmented into IT & Telecommunication, Media & Entertainment, BFSI, and Retail & E-commerce
By organization size, the market has been segmented into large enterprise and SMEs.
By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.
The regions discussed in the report are North America, Europe, Asia Pacific, South America and the Middle East & Africa (MEA). North America holds the dominant share of the market. This is primarily owing to the presence of a massive smartphone user base. At the same time, the region is home to some of the leading market players such as Google, Paypal, Global Payments, and Blue Snap among others. Developed economies in the region such as the U.S. and Canada offer significant growth of oppotuting as such technologies undergo a faster adoption in these countries. Presence of sate-of-the-art infrastructure, booming sector of mobile commerce and a massive banking industry are some of the other key forces behind the market growth in North America. APAC is second in the pecking order in terms of revenue. Mobile payment is viewed as a massive hit across the region. It is projected that the APAC mobile payment technologies market is projected to witness a relatively faster growth rate during the review period.
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- Mobile Payment Solution and service providers
- Financial Institutes
- PoS device manufacturers
- Software developers
- Credit/Debit/Smart card vendors
LIST OF TABLES
Table 1 Mobile Payment Technologies market, by Region, 2018–2023
Table 2 North America: Mobile Payment Technologies market, by Country, 2018–2023
Table 3 Europe: Mobile Payment Technologies market, by Country, 2018–2023
Table 4 Asia-Pacific: Mobile Payment Technologies market, by Country, 2018–2023
Table 5 Rest of the World: Mobile Payment Technologies market, by Region, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Mobile Payment Technologies market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Mobile Payment Technologies market
FIGURE 4 Value Chain/supply chain of Global Mobile Payment Technologies market
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