Mobile payment technologies market is expected to grow from US$ 45.36 billion in 2021 to US$ 323.03 billion by 2028 with an estimated CAGR of 32.8% from 2022 to 2028.
Many governments have been investing massive capital in the mobile payment industry and are undertaking various initiatives to digitize the payment process. For instance, to encourage mobile payments, the Indian government has taken several key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number are all driving forces behind the migration to mobile payments. Companies such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events) are taking efforts to develop their product portfolio to transact online contributing to the growth of the mobile payment technologies industry in India. One of the vital growth imperatives for a country's economy is digital payment. It can assist promote productivity and economic growth, improving transparency, increasing tax collection, expanding financial inclusion, and providing new economic opportunities for end users. However, cyberattacks can hinder the growth of the mobile payment technologies market. These attacks are the most severe threats the payment industry has been facing lately.
MARKET DYNAMICS
The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are affordable, offers convenience, and supports high-speed internet. Retailers develop shopping applications that have easy-to-browse catalog and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device's screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments owing to the growth of the mobile payment technologies market.
For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors in Europe. In China, the rise of mobile payment has been inconsistent, with a few prominent payment services, such as AliPay, WeChat, and LinePAY, leading to the growth of the mobile payment technologies market.
MARKET SCOPE
The "Global Mobile Payment Technologies Market Analysis to 2028" is a specialized and in-depth study of the mobile payment technologies market with a special focus on the global market trend analysis. The report aims to provide an overview of mobile payment technologies market with detailed market segmentation by technology, payment type, type, and end use. The global mobile payment technologies market expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading mobile payment technologies market player and offers key trends and opportunities in the mobile payment technologies market.
Strategic Insights
MARKET SEGMENTATION
The global mobile payment technologies market is segmented into technology, payment type, type, and end use. Based on technology, the mobile payment technologies market is further segmented into direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. By payment type, the mobile payment technologies market is categorized into B2B, B2C, and others. In terms of type, the mobile payment technologies market is divided into remote payment and proximity payment. From end use point of reference, the mobile payment technologies market is split into as hospitality & tourism sector, BFSI, media and entertainment, retail sector, health care, education, IT & telecommunication, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global mobile payment technologies market based on various segments. It also provides market size and forecast estimates from year 2019 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America, which are further fragmented by countries for detailed research survey. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, APAC is expected to grow at the highest CAGR during the forecast period in the mobile payment technologies market. The mobile payment business is gaining traction in Asia Pacific and is expected to propel in the coming years. Many existing mobile payment users prefer the medium over other non-cash payment alternatives, such as checks or demand drafts, in the region. To strengthen the mobile payment industry, Asia Pacific countries have taken many significant steps to develop digital payments. The Asian Payments Network (APN) is a consortium of 11 Asian countries, such as the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia, that promote cross-border banking transactions in the region. Also, it has been seen that many customers in Asia Pacific are inclined toward mobile payments. Thus, increasing mobile payment users drives the demand for mobile payment across the region. The below figure showcases the revenue growth trend in the global mobile payment technologies market:
Source: The Insight Partners Analysis
The report analyzes factors affecting mobile payment technologies market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis highlighting the factors affecting the mobile payment technologies market in these regions.
IMPACT OF COVID-19 PANDEMIC
Healthcare infrastructure of developed economies collapsed due to the rising number of COVID-19 cases. Businesses faced new challenges due to the pandemic and the development of remote work environments. As a result, the public healthcare emergency required governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses. Although the COVID-19 pandemic in 2020 prompted a slew of challenges for global market operations, it benefited the mobile payment technologies industry. At least 58 governments in developing countries adopted digital payments to offer COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash.
MARKET PLAYERS
The report covers key developments, as well as organic and inorganic growth strategies, in the mobile payment technologies market. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from mobile payment technologies market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for mobile payment technologies.
The report also includes the profiles of key mobile payment technologies market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the mobile payment technologies market.
- Alphabet Inc.
- American Express, Co.
- Ant Financial Services Group
- Apple, Inc.
- AT&T, Inc.
- Boku, Inc.
- MasterCard International, Inc.
- Microsoft Corporation
- PayPal, Inc.
- Visa, Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.