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Posted 12/14/2021 by Market Future

Mobile Payment Technologies Market Research Report- Forecast till 2027

Market Highlights

According to Market Research Future (MRFR), the global mobile payment technologies market had a valuation of USD 37 billion in 2017 and is projected to reach USD 88 billion with 17% CAGR from 2018 to 2023 (forecast period). The study assesses the effects of the COVID-19 pandemic on the global mobile payment technologies market and offers an accurate representation of the anticipated volatility of demand over the forecast period.

Mobile payment is a method of making payments using portable electronic devices such as tablets, smartphones, MPOS machines, and others. Mobile payment technologies are used to allow instant payments for products and services. Near field communication (NFC) technology is used to make payments using mobile phones, since this system is reliable and safe and provides electronic means for sending information or data within a short distance. NFC is a platform used by android pay and apple pay for mobile payments. To make payment easy and quick, NFC shows the amount on display and enables the customer to tap using mobile phones or smartwatches connected to the NFC, and the payment is completed within one second.

Market Dynamics

Advancement in digital technology, a rise in smartphone and mobile internet adoption rates, investment by non-banking institutions in the payment system, and growing customer demand are among the most significant factors driving the mobile payment technologies market globally. Nevertheless, the lack of cross-border payment standards is expected to impede the industry's growth in the coming years. Although the implementation of the 5G network, the introduction of artificial intelligence technology in digital payments is expected to provide a strong opportunity for business growth. On the other hand, rising cyber attacks is one of the significant challenges facing the industry.

The advancement in technologies such as IoT, cloud, artificial intelligence, and big data, driven by growth in the e-commerce market, has boosted payment options or methods globally. Rising  adoption of smartphones, tablets, and other smart mobile devices, expanding payment options, including the rising use of debit cards, credit cards, and other digital payment wallets, and government funding for the growth of high-speed networks such as 3G, 4G, and 5G are some of the critical factors driving the digital payment market globally.

Moreover, growing consumer awareness of technologies and products and services has increased competition amongst digital payment solutions providers in the industry. These factors have generated substantial demand for point-of-sale payments, in-store payments, and remote payments between restaurants, hotels, resorts, retail stores, grocery/supermarkets, cafes, and other hospitality sectors. By combining point-of-sale terminals with their payment gateways, companies improvise on customer engagement, customer satisfaction, and customer experience.

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The global market for mobile payment technologies has been segmented into solutions, deployment mode, organization size, and vertical.

By solutions, the global market has been segmented into point-of-sale (PoS) solutions, in-store payments, and remote payments. The PoS solutions segment is further divided into near-field communication (NFC) payments, sound-wave based payments, and magnetic secure transmission (MST) payments. The in-store payments solutions segment is further divided into mobile wallets and quick response (QR) code payments. Moreover, the remote payments segment is further divided into internet payments, SMS payments, direct carrier billing, and mobile banking.

By deployment, the market has segmented into on-premise, on-cloud, and hybrid.

By organization size, the market has been segmented into SMEs and large enterprises

By vertical, the global market has been classified into BFSI, IT & telecommunication, retail & e-commerce, media & entertainment, among others.

Regional Analysis

By region, the global mobile payment technologies market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.

North America is driving the market of mobile payment technologies globally attributed to one of the largest markets for smartphone consumption after China and the presence of significant players such as PayPal, Google, BlueSnap, and Global Payments, among others. Further, the developed economy, infrastructure advancement, increased market growth in digital and mobile commerce, and the advanced baking industry is other primary factors that drive the dominant market for mobile payments in North America.

The Asia Pacific is the second-highest profit-generated mobile payment technologies market and is expected to experience the fastest growth rate in the assessment period. Improving digital technologies, rising rate of smartphone usage, rising adoption of online or mobile payment modes, and improving payment infrastructure are some of the main factors expected to propel the industry further.

Key Players

MRFR has identified the following key players in the market - Google, PayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide, global payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, and Paysafe, among others.

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Mobile Payment Technologies Market, By Vertical (Entertainment, BFSI, Retail, Media, E-commerce), By Solution (QR Code, POS, NFC, Mobile Wallet, Mobile Banking, Internet Payment), By Deployment (Hybrid, On-Cloud) – Global Forecast till 2023

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