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  • Mobile Payment Technologies Market Analysis | 2023-2028

    Mobile Payment Technologies Market Analysis | 2023-2028

    Mobile Payment Technologies Market Analysis | 2023-2028
    Report code - SR1889 Delivery - 2 Weeks
    Mobile Payment Technologies Market Size, Share, Trend, Forecast & Industry A See more...

    Market Insights

    The Mobile Payment Technologies Market was estimated at US$ 92.18 billion in 2022 and is expected to grow at an impressive CAGR of 22.2% during 2023-2028 to reach US$ 307.71 billion by 2028.

    Market insight

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    What are Mobile Payment Technologies?

    Mobile payment refers to the use of a portable electronic device, such as a smartphone, tablet, or cell phone, as a payment medium. Consumers can use mobile payment technology to make immediate payments for goods and services. The concept of using mobile payment technologies stems from the desire to avoid the use of currency, coins, plastic, and paper media such as checks, cash, bank transactions, and debit/credit cards. Because of the increasing adoption of smartphones and tablets in emerging economies, the market for mobile payment technologies is currently expanding at a faster rate.

    Mobile Payment Technologies Market Report Overview

    Market Size in 2028

    USD 307.71 Billion

    Market Size in 2022

    USD 92.18 Billion

    Market Growth (2023-2028)

    CAGR of 22.20%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    COVID-19 Impact Analysis

    The coronavirus COVID-19 has had a significant impact on the economy and humans. It has significantly altered the channels and modes of transaction used by consumers and merchants. People are becoming more cautious about using cash while shopping in public places.

    This has resulted in an unexpected surge in demand for contactless payment methods such as mobile wallets, NFC, QR codes, and others. The World Health Organization (WHO) recommended that consumers around the world use contactless payment methods in March 2020. As a result, the mobile-based payment mode is expected to grow rapidly during and after the pandemic.

    Key Players

    The following are some of the major key players operating in the mobile payment technologies market are-

    • 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

    Market Dynamics

    The mobile payment technologies market is driven by a host of factors, some of which are noted below:

    • With the rapidly expanding global economy, mobile phones (particularly smartphones) have become an indispensable commodity for individuals.

    • Similarly, for many people, the internet has become an integral part of their daily lives.

    • This has increased the global penetration of smartphones and internet users, fueling the growth of the mobile payment market.

    • Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, creating enormous opportunities for vendors.

    Market Snapshot

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    Challenges:

    Security Concerns: Providing comprehensive security measures to secure user data and prevent fraud is one of the most significant problems for mobile payment technologies. As mobile payments become more popular, so does the potential for cyber-attacks.

    Standardization and Interoperability: With so many mobile payment platforms and technologies available, standardization and interoperability are critical to ensuring a smooth and seamless user experience across multiple payment systems.

    Regulatory Hurdles: The mobile payment business is governed by a complicated web of legislation and compliance standards, which can vary greatly between nations. Adapting to numerous regulatory environments can be difficult for providers who operate in multiple jurisdictions.

    Customer Trust and Adoption: Convincing users to use mobile payment technologies necessitates creating trust in the platforms' security and dependability. Some users may be unwilling to abandon established payment methods.

    Infrastructure Limitations: In some areas, particularly in underdeveloped nations, a lack of technological infrastructure and access to stable internet connections can stymie the widespread adoption of mobile payment solutions.

    Competition and Market Saturation: The mobile payment market is fiercely competitive, with both established businesses and newcomers striving for market share. This degree of rivalry could result in market saturation and possible consolidation.

    Data Privacy Concerns: As mobile payment providers collect massive volumes of user data, sustaining customer trust requires assuring data privacy and compliance with data protection requirements.

    Opportunities:

    Increased Smartphone Adoption: As smartphone penetration continues to climb around the world, so does the potential client base for mobile payment technology. Easy availability of the internet and mobile drives the payment technologies market.

    Contactless Payments: As a result of the convenience and hygiene benefits of contactless payments, develops an opportunity for mobile payment providers. These transactions are made possible by the incorporation of Near Field Communication (NFC) technology in smartphones.

    Integration with IoT Devices: The Internet of Things (IoT) is booming, and incorporating mobile payment capabilities into IoT devices opens up new possibilities for secure and seamless transactions in a variety of industries, including smart homes, wearables, and connected autos.

    P2P Payments: Peer-to-peer payment services are becoming increasingly popular, particularly among younger generations. To gain a greater market share, mobile payment providers can pursue additional upgrades and innovations in this field.

    E-commerce Growth: The ongoing rise of e-commerce presents an opportunity for mobile payment solutions to support faster and more straightforward transactions, decreasing checkout friction for online buyers.

    Unbanked and Underbanked Populations: By offering access to digital financial transactions, mobile payment technology helps bridge the financial services gap for unbanked and underbanked populations, particularly in developing nations.

    Segment Analysis

    Solutions Trends

    The market has been classified into Point-of-sale (PoS), In-store payments & Remote payments. Under these Remote payments segment held a significant market share in 2022 & is estimated to remain dominant during the forecast period

    Due to COVID-19, the demand for remote payments increased, as remote payments require no direct contact while making payments. Various companies are releasing remote payment apps to enable users to pay remotely.

    Application Trends

    The market has been classified into Retail & E-Commerce, Healthcare, BFSI, and Enterprise. E-commerce accounted for the largest share of the market in 2022 & is expected to grow at a robust CAGR during the forecast period. 

    With an increasing number of mobile devices and high-speed cellular networks around the world, the e-commerce industry is booming.

    Regional Insights

    Asia-Pacific accounted for the largest market share in 2022 and is expected to grow at a healthy CAGR during the review period. The Asia-Pacific region is becoming increasingly popular for the adoption of electronic payment models.

    Countries such as India, Japan, China, and Australia are creating a stable environment for the growth of the mobile payment technologies market.

    • In India, the recent demonetization act has raised public awareness of alternative payment methods to cash (which is a major medium of transaction all over the Asia-Pacific).

    • According to Visa Inc., the company sold over 20 million contactless cards in India in 2018.

    • According to the company, contactless payments and QR transactions account for more than 25% of all Visa transactions in India.

    Regional Insight

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    Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By Solutions 

    • Point-of-sale (PoS)
    • In-store payments
    • Remote payments

    By Remote Payments 

    • Internet payments
    • SMS payments
    • Direct carrier billing
    • Mobile banking

    By Application 

    • Retail
    • E-Commerce
    • Healthcare
    • BFSI
    • Enterprise

    By In-store Payments Solutions 

    • Mobile wallets
    • Quick response (QR) code payments

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Mobile Payment Technologies Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Target Audience

    The target audience of the market includes-

    • Mobile Payment technology Companies
    • Distributors
    • Government Organizations
    • Healthcare

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Developments

    In February 2022, Apple announced that they are planning to launch Tap to Pay on iPhone. This new feature will help in empowering businesses in using their mobile phones to accept payment through Apple Pay and other contact-free payment methods using the iPhone and iOS app.

    In March 2022, Visa announced that it will be acquiring Tink, an open banking platform that allows financial businesses and fintech companies to build services and products and transact money. This merger of Tink and Visa is expected to provide better management of financial services, financial data, and money to clients.

    Frequently Asked Questions (FAQs)

    Mobile payment refers to the use of a portable electronic device, such as a smartphone, tablet, or cell phone, as a payment medium. Consumers can use mobile payment technology to make immediate payments for goods and services. The concept of using mobile payment technologies stems from the desire to avoid the use of currency, coins, plastic, and paper media such as checks, cash, bank transactions, and debit/credit cards.

    The market was projected to grow from USD 92.18 Bn in 2022 to USD 307.71 Bn by 2028.

    The market is projected to grow at a CAGR of over 22.20% during the forecast period.

    The study period of this market report is 2017-2028.

    The key players operating in the market are 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.

    The target audience of the market includes Companies, Distributors, Government organizations, and Healthcare.

    Asia-Pacific accounted for the largest market share in 2022 and is expected to grow at a healthy CAGR during the review period. The Asia-Pacific region is becoming increasingly popular for the adoption of electronic payment models. Countries such as India, Japan, China, and Australia are creating a stable environment for the growth of the mobile payment market.