Consumer Mobile Payments Market Scope
This fast-growing mobile phone penetration also brings with it increasingly sophisticated mobile devices, which outpace ordinary computers. Mobile payments can be a more convenient and portable means of payment than traditional payment methods because they eliminate the burden of carrying multiple plastic cards, coins and currency in a physical wallet Mobile commerce in Europe is expected to grow significantly over the next few years, with an average compound annual growth rate of 42%. In 2014, Europe experienced an all-time peak in mobile revenues and mobile transactions. According to a RetailMeNot forecast based on data from some EU countries, Europeans will be spending about Euro 45 billion via mobile devices in 2015; this currently corresponds to around 14% of all online purchases made in the EU and represents an increase of 88.7% compared to 2014. According to one study, this type of payment is up to 15 to 30 seconds faster than swiping a traditional card, signing the receipt, or entering a PIN code. That can be important to consumers, especially to those who value saving time highly, as well as being able to pay bills at any given location
The market study is being classified by Type (Remote [Peer-to-peer, M-commerce] and Proximity [Near Field Communication, Barcode]), by Application (Retail, Hospitality & Tourism, IT & Telecommunication, BFSI, Media & Entertainment, Healthcare, Airline and Others) and major geographies with country level break-up. According to AMA, the Global Consumer Mobile Payments market is expected to see growth rate of 27.1% and may see market size of USD4690.65 Billion by 2025.
The consumer mobile payments market is moving toward a fragmented state due to the increasing prominence and ease of use of mobile payments and the entry of new players in this prospering market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Consumer Mobile Payments market throughout the predicted period.
Google LLC (United States), Samsung Group (South Korea), Amazon.com Inc. (United States), Apple Inc. (United States), PayPal Inc. (United States), MasterCard PLC (United States), Visa Inc. (United States), American Express Co. (United States), Mahindra ComViva (India) and Orange SA (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tencent Holdings Ltd (China), Alipay.com Co. Ltd. (China), ACI Worldwide, Inc. (United States), Fidelity National Information Services, Inc. (United States), Fiserv, Inc. (United States), Jack Henry & Associates Inc. (United States) and Square, Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Consumer Mobile Payments market by Type, Application and Region.
On the basis of application, Retail segment is dominating the market in the year 2019
On the basis of geography, the market of Consumer 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Currently, two directives apply to the area of mobile payments. Directive 2007/64/EC on payment services in the internal market establishes a harmonized legal framework for payment services throughout the single market; Directive 2009/110/EC covers the taking up, pursuit and prudential supervision of the business of electronic money institutions., After the publication of its Green Paper 'Towards an integrated European market for card, internet and mobile payments' in 2012, the European Commission proposed in 2013 a revision of the current legislation in force, namely with the proposal for a Directive on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU, and 2009/110/EC and repealing Directive 2007/64/EC. On and 5 May 2015, the agreement was reached in trialogue negotiations between the Commission, the European Parliament, and the Council, and formal adoption of the proposal is expected later this year.
- Upsurging Demand due to Increasing Inclination towards E-commerce
- Increasing Number of Loyalty Benefits in Mobile Environment
- The rapid growth in online retailing
- The rise in demand for easy and hassle-free purchase of goods and services results in increased preference of consumers toward digital and cashless payments
- Increasing Internet Penetration and Growing M-commerce Market
- Growing demand from developing countries
- Security Issues Associated with Mobile Payments
Key Target AudienceResearch Organizations, Consulting Firms, System Integrators, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
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