Mobile Payment Market - Rapid Expansion of E-commerce Businesses to Propel Growth
The global mobile payment market size is expected to hit USD 8.94 trillion by 2027 while exhibiting an impressive CAGR of 29.0% between 2020 and 2027. This is ascribable to factors such as increasing population that are facilitating the high adoption of mobile phones along with technological advancement in the mobile wallet solutions across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Mobile Payment Market Size, Share & Covid-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 1.18 trillion in 2019 and is anticipated to witness growth during the forecast period.
What does the Report Include?
The market
report includes quantitative and qualitative analysis of several factors such
as the key drivers and restraints that will affect market growth. The report
provides insights into the regional analysis that covers the different regions,
which are contributing to the growth of the market. It includes the competitive
landscape that involves leading companies and adoption of strategies by them to
introduce new products, announce partnerships, and collaboration that will
contribute to the growth of the market between 2019 and 2026. Moreover, the
research analyst has adopted several research methodologies such as PESTEL and
SWOT analysis to extract information about the current trends and industry
developments that will drive the market growth in the forthcoming years.
The novel
coronavirus, COVID-19, has cast an unprecedented effect on several businesses
across industries. While some industries are experiencing significant loss
owing to the lockdown announced by the federal governments globally, collective
efforts from the government as well as the industries will ensure that the
testing times may soon pass away.
We are taking
continuous efforts to help your business sustain and grow during COVID-19
pandemics. Based on our experience and expertise, we will offer you an impact
analysis of coronavirus outbreak across industries to help you prepare for the
future.
Mobile payment is defined as that type
of monetary transaction that involves electronic devices such as smartphones
and tablets. This technology is used to transfer money from one device to
another within no time by using mobile wallet options across the globe.
According to a report by the Reserve Bank of India, the numbers of digital
transactions are expected to rise around four times by 2021. Easy availability
of banking services at the tap of the button along with safety and convenience
factor is propelling the demand for this type of payment solutions globally.
List
of the Companies Operating in the Market:
·
Alipay.com Co Ltd. (China)
·
Amazon.com, Inc. (US)
·
American Express Co.
(US)
·
Boku Inc. (US)
·
Google Inc. (US)
·
MasterCard International Inc. (US)
·
Obopay (US)
·
Fidelity National
Information Services, Inc.(FIS Global) (US)
·
PayPal, Inc. (US)
·
Visa, Inc. (US)
Integration of internet of things with
the system is a major factor anticipated to fuel the demand in the market
during the forecast period 2018-2025. Additionally, the rising adoption of
e-financial services is expected to boost the global market.
DRIVING FACTORS:
Increasing Adoption
of Technology to Spur Demand
The financial
industry is witnessing a massive surge in technological advancement with the
introduction of modern applications of artificial intelligence (AI). Major
concerns surrounding the adoption of mobile wallet technology are security and
safety concerns that inhibit the growth. However, with the introduction of AI,
the manufacturers are trying to develop innovative products that have the
ability to detect fraud and ensure a secure environment for monetary
transactions. Additionally, increasing adoption of near field communication
(NFC) and point of sales (POS) by the commercial enterprises is driving the
demand for global mobile payment market during the forecast period.
COVID-19 to Facilitate
Significant Growth Opportunities
The
widespread effect of the novel coronavirus, COVID-19, is driving the push for
digital transactions across the globe. Though cash is still considered to be an
integral part of the people, digital transactions are rising owing to the fear
of handling cash among several people. For instance, according to the Reserve
Bank of India (RBI), digital transactions under Unified Payments Interface
(UPI) rose to over 799.5 million in March 2019. Furthermore, these transactions
were 4.5 times the volume registered in March 2018.
REGIONAL INSIGHTS
Among all the
regions, the market in Asia-Pacific is expected to register the highest global
market revenue during the forecast period. This is attributable to factors such
as large population in the region that is driving the demand for mobile
devices. Countries such as India, Japan, and China are driving the demand for
high adoption of mobile devices and technology in the region. Additionally, in
countries such as India, the government is promoting digitalization that will
bode well for the market growth in the region. North America, on the other
hand, is expected to witness significant growth for the market in the
forthcoming years. The market was worth USD 297.88 billion in 2019 and is
likely to rise owing to a well-developed mobile payment services in countries
such as the USA.
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