According to a new market report published by Transparency Market Research titled “Mobile Payment Technologies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”, the global mobile payment technologies market is expected to reach US$ 50,561.64 Mn by 2026, expanding at a CAGR of 37.8% from 2018 to 2026. Asia Pacific held a prominent share of the mobile payment technologies market in 2017 and is projected to be at the forefront of global demand, and the market in the region is expected to expand at a significant CAGR among all regions.
Mobile payment is a concept wherein a portable electronic device such as a smartphone, tablet, or cell phone is operated as a payment medium. Mobile payment technology allows consumers to make immediate payments for products and services. Growing adoption of advanced technologies such as near field communication (NFC), wearable devices, and mobile point-of-sale (m-POS) are expected to lift the demand for mobile payment technologies in the forthcoming years. The idea of using mobile payment technologies derives from avoiding the usage of currency, coins, plastic, and paper media such as checks, cash, bank transactions, and debit/credit cards. Currently, the mobile payment technologies market is expanding at a higher rate due to the increasing adoption of smartphones and tablets across emerging economies.
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The increasing adoption of advanced technologies such as mobile point-of-sale (m-POS), wearable devices, and near field communication (NFC) are likely to help boost the growth of the global mobile payment technologies market. Versatile installment is an idea wherein a compact electronic gadget, such as a cell phone, tablet, or wireless is worked as an installment medium. Portable installment innovation permits buyers to make prompt installments for items and administrations. Developing selection of cutting edge innovations, for example, close to handle correspondence (NFC), wearable gadgets, and portable retail location (m-POS) are depending on accelerating the interest for versatile installment advances in the impending years. Using versatile installment advancements gets from evading the utilization of coins, money, paper media, and plastic, such as bank exchanges, checks, charge/Mastercards and money. Presently, the innovations in terms of portable installations are also extending at a higher rate because of the expanding reception of cell phones and tablets across arising economies.
Key manufacturers of the global mobile payment technologies market are engaging in new product development, and are investing in research and development of the same. In addition, players are also indulging in collaborative efforts such as mergers, joint ventures, and others so as to gain an upper hand in the overall market. Some of the prominent players of this market include Vodafone Ltd., Microsoft Corporation, Bharti Airtel Ltd., Paypal Inc., Ant Financial Service Group, Google Inc., American Express, Mastercard International, Apple Inc., AT & T Inc., Fortumo, and others.
In addition, the report assesses the effect of COVID-19 on the territorial business sectors, and gives a decisive outline of financial status worldwide. Further, it underscores on the vulnerabilities prodded and challenges looked by organizations in the midst of the pandemic, including production network and request interruptions just as complexities in cost-the executives. In such manner, the examination writing helps in building solid alternate courses of action for guaranteeing coherence and productivity of organizations in the long haul.
Remote payment segment to expand rapidly during the forecast period
The mobile payment technologies market can be segmented based on type, purchase type, end-use applications,end-user, and geography. Based on type, the mobile payment technologies market has been segmented into proximity payment and remote payment. The growth of the remote payment segment is due to increasing adoption of mobile wallets by consumers for payment purposes at the retailers or for e-commerce. Proximity payment technology market is further segmented into near field communication (NFC) and QR code payments.
Money Transfers & Payments segment to be a major revenue generating segment in 2026
Based onpurchase type,the mobile payment technologies market has been divided intoairtime transfers & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing and others. In terms of end-user, the mobile payment technologies market has been divided into hospitality and tourism sector, BFSI, media and entertainment, retail sector, healthcare, education, IT & Telecommunication, and others.
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Asia Pacific region is expected to hold a substantial share in the overall market
Based on geography, the global mobile payment technologies market has been divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to hold a prominent share and account for more than 50% of the global market in 2026, followed by North America. The growing adoption of smart appliances such as smartphones is a major driving factor for the strong growth of the mobile payment technologies market in Asia Pacific. Asia Pacific is one of the most populous regions in the world and its banking and financial segment is comparatively undersized. Also, the majority of adults having no direct access to official financial organizations across the region is expected to provide huge opportunities for mobile payment service providers in the coming years. Moreover, the rise in advance payment solution offerings by technology providers has led to the increasing adoption of ground-breaking mobile payment technologies across the region. As a part of the strategy, several service providers are investing in tools development specific to a particular application and are focused on new product developments, partnerships, and mergers and acquisitions in order to increase geographical reach in the global mobile payment technologies market.
Major players operating in the global mobile payment technologies market include MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc.,Tencent,Ant Financial Services Group, and Microsoft Corporation.
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