Mobile Payment Transaction Market Scope
Mobile payment is an application of mobile commerce which enables mobile commerce transactions by providing the mobile customer with a convenient means to pay. Many mobile payment methods have been proposed and applied like user friendly, customer centric, merchant centric where security concerns are highly addressed. The Near Field Communications provides a platform for many applications for peer to peer transactions and other security features where privacy and trust are main concerns. Statistics show that one-third of United Kingdom consumers are using their NFC-enabled phones for contactless payments in stores. Apple Pay, with their limitless transactions, has even caused a 11% increase in the average mobile transaction total in 2017, as more and more people feel secure using their smartphones for point-of-sale transactions.
The Mobile Payment Transaction market study is segmented, by Application (In-Store Payment and Remote Payment) and major geographies with country level break-up.
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 Payment Transaction 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), Alipay (China), Amazon Pay (United States) and WeChat Pay (Tencent) (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Glance Technologies (Canada).
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 Payment Transaction market by Type, Application and Region.
On the basis of geography, the market of Mobile Payment Transaction 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).
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
- Development of The Internet And The Arrival Of E-Commerce
- 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
Frequently asked questions:1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Mobile Payment Transaction Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.