California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales
The article cited AMA's "Global Mobile Payments Market Study" explored CAGR of 23.6%. According to the report, Increasing Collaboration with Payment Networks and Mobile Operators to Enhance Mobile Payment Solutions
is one of the primary growth factors for the market. The Growth in the Number of Smartphones and Internet Users Worldwide
is also expected to contribute significantly to the Mobile Payments market. Overall, Retail
applications of Mobile Payments, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Nature of Payment Type, such as Person to Person, is boosting the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Payment Mode, such as NFC/Smart card, is boosting the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Location of Payments, such as Remote payments, is boosting the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMAs Analyst on the Global Mobile Payments market identified that the demand is rising in many different parts of the world as "Numerous Government Encouraging Banks to Build Digital Infrastructure to Enable Safe and Secure Mobile Payments
". Furthermore, some recent industry insights like "In September 2023, The National Payments Corporation of India (NPCI) launched new products including Credit Line on UPI, UPI LITE X, and Tap & Pay, Hello! which allow for voice-enabled UPI payments." which is constantly making the industry very dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Mobile Payments market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2023 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Mobile Payments market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Mobile Payments market size is calculated using market estimation process, the Mobile Payments market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Mobile Payments market size has been validated using both top-down and bottom-up approaches.