Mobile Payments Market Scope
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.
The market study is segmented by Type (Mobile wallet/Bank cards and Mobile money), by Application (Retail, BFSI, Telecom and IT, Media and Entertainment, Healthcare, Travel and Hospitality, Transportation and Logistics, Energy and Utilities and Others) and major geographies with country level break-up. According to AMA, the Global Mobile Payments market is expected to see growth rate of 23.6% and may see market size of USD3885.15 Billion by 2024.
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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Mobile Payments market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Amazon Pay (United States), Glance Technologies (Canada) and WeChat Pay (Tencent) (China).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Mobile Payments market by Type, Application and Region.
On the basis of geography, the market of Mobile Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Nature of Payment Type, the sub-segment i.e. Person to Person will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Mode, the sub-segment i.e. NFC/Smart card will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Location of Payments, the sub-segment i.e. Remote payments will boost the Mobile Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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
- Increasing Collaboration with Payment Networks and Mobile Operators to Enhance Mobile Payment Solutions
- Mobile Payment Companies Attract and Offers Various Cashback Features to their Users
- The Growth in the Number of Smartphones and Internet Users Worldwide
- Rising E-Commerce Industry and High-Speed Cellular Networks in Developing Economies
- Surging Adoption of Data Analysis Tools and Big Data analytics by Vendors to Customize their Offerings
- Numerous Government Encouraging Banks to Build Digital Infrastructure to Enable Safe and Secure Mobile Payments
- Increasing Use of Digital Payment in Specifically in Developing Economies
- Prevailing Data Security Apprehensions
- Lack of Proper Network Coverage in Rural Area in Developing Economies
- Lack of Global Standards for Cross-Border Payments
- Lack of Awareness and Low Adoption of Mobile Payment Technology
- Diversified Regulations and Policies Present Across Regions
Key Target AudienceMobile Payments Service Providers, Software Developers, Government Agencies, Payment Solution and Service Providers, Mobile Network Operators, Credit/Debit Card Providers, End Users and Others
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