Industry Background:
In recent years mobile payment has top priority in the financial industry and risen tremendously, particularly in the millennial and generation Z group across the world. Mobile payments have the potential to significantly change the consumer’s preferences to pay for goods and services. The recent adoption of Near Field Communication (NFC) technology to the payment industry is one of the major driving agents in the growth of the mobile payment market. In emerging economies includes India, China and Brazil with high penetration of smartphone and low banking services, mobile payment are getting a better opportunity in these geographic regions.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
Key Companies Profiled | Apple (United States), Google (United States), PayPal (United States), Mastercard (United States), One97 Communications (Paytm) (India), Bharti Airtel (India), Vodafone (United Kingdom), Orange S.A. (France), Samsung Pay (South Korea), Verifone (United States), Square, Inc. (United States) and Alipay (China) |
According to AMA, the market for Mobile Payments is expected to register a CAGR of 23.6% during the forecast period to 2030. This growth is primarily driven by The Growth in the Number of Smartphones and Internet Users Worldwide, Rising E-Commerce Industry and High-Speed Cellular Networks in Developing Economies and Surging Adoption of Data Analysis Tools and Big Data analytics by Vendors to Customize their Offerings.
Globally, a noticeable market trend is evident Increasing Collaboration with Payment Networks and Mobile Operators to Enhance Mobile Payment Solutions
Major Players, such as Apple (United States), Google (United States), PayPal (United States), Mastercard (United States), One97 Communications (Paytm) (India), Bharti Airtel (India), Vodafone (United Kingdom), Orange S.A. (France), Samsung Pay (South Korea), Verifone (United States), Square, Inc. (United States) and Alipay (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The mobile payment market is highly competitive due to the presence of the world’s top companies and these market players concentrate on developing innovative products and attract consumers by numerous cashback offers. The mobile payment vendors are consistently focusing on mergers and acquisitions to achieve high market shares in the upcoming years.
Key Developments in the Market:
In February 2023, Japan-based mobile payment service provider KDDI Corporation announced a collaboration with Oracle Corporation to offer a faster and more effective customer loyalty program on its au Pay system.
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.
Regulatory Insights:
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
Influencing Trend:
Increasing Collaboration with Payment Networks and Mobile Operators to Enhance Mobile Payment Solutions and Mobile Payment Companies Attract and Offers Various Cashback Features to their Users
Market Growth Drivers:
The Growth in the Number of Smartphones and Internet Users Worldwide, Rising E-Commerce Industry and High-Speed Cellular Networks in Developing Economies and Surging Adoption of Data Analysis Tools and Big Data analytics by Vendors to Customize their Offerings
Challenges:
Lack of Awareness and Low Adoption of Mobile Payment Technology and Diversified Regulations and Policies Present Across Regions
Restraints:
Prevailing Data Security Apprehensions, Lack of Proper Network Coverage in Rural Area in Developing Economies and Lack of Global Standards for Cross-Border Payments
Opportunities:
Numerous Government Encouraging Banks to Build Digital Infrastructure to Enable Safe and Secure Mobile Payments and Increasing Use of Digital Payment in Specifically in Developing Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Mobile Payments Market
- Analysis about New Entrants in Mobile Payments Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Mobile Payments Study Sheds Light on
The Mobile Payments Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Mobile Payments industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Mobile Payments industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.