Sarasota, FL -- (SBWire) -- 02/08/2019 --Global mobile payment technology market was valued at around USD123.5 billion in 2017 and is expected to reach approximately USD 3,371.6 billion by 2024, at a CAGR of 60% between 2018 and 2024.
Payment processed through mobile/ Smartphone for goods, services, or transfer of money is termed as mobile payment, and the technology used to accomplish the task is known as mobile payment technology. This modern method of facilitating payment transactions based on new-age payment channels and technologies is prognosticated to take payment industry to next level.
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The simplicity and swiftness provided to consumers by means of consistent technological advancement in the mobile payment industry are driving the growth of the global mobile payment technology market. Owing to the humongous rise in the number of mobile users, mobile payments have depicted strong growth in the last couple of years. In 2017, around 50% of the U.S. cell phone users were indulged in some kind of mobile payment activities and the figure is projected to reach 90% by 2020 with the use of various technologies such as Apple Pay and Android Pay.
Major factors contributing to the global payment industry growth is high adoption rate of mobile phone users as well as faster internet connectivity, for instance, the increasing penetration of mobile retail transactions and e-commerce activities in the Asian market. In 2016, an m-commerce sector in India accrued revenue of around USD 10.46 billion and is expected to witness a four-fold growth by 2020 to reach USD 40 billion. Also, the increasing penetration rate of contactless POS in shopping malls, restaurants, and small retail shops will drive the mobile payment technology market growth in the coming years. The risks associated in processing mobile payments including financial details of the card owner during the transaction can pose a threat for the market growth. Government initiatives in promoting digital payments are expected to create new opportunities in the mobile payment technology market.
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Mobile payment technology market is segmented based on payment mode, technology, applications, and region. Payment mode segment is categorized into proximity payment and remote payment. NFC, QR code, WAP & card-based, digital wallet, banking app-based, SMS-based/DCB, and others [USSD/STK, MST, etc.]are the technology-based segmentation of the mobile payment technology market. The rise in NFC enabled smartphones is anticipated to boost the NFC segment growth and is likely to account for a substantial share towards mobile payment technology market. Various applications pertaining to mobile payment technology are BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others [education, government]. Increasing adoption of mobile payments in the banking sector is expected to boost BFSI's share in the estimated timeframe
Major players operating in the global mobile payment technology market are American Express Co., Fortumo, BhartiAirtel Ltd., MasterCard International Inc., Microsoft Corporation, Boku Inc., PayPal Inc., AT&T Inc., andVisa Inc. The acquisition is the primary strategy adopted by the global players in the mobile payment technology market. In 2015, PayPal, an American multinational company operating in the online payment systems, acquired Xoom, a digital remittance provider.
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The report segments the global mobile payment technology market as follows:
Mobile Payment Technology Market: Payment Mode Segment Analysis
Proximity Payment
Remote Payment
Mobile Payment Technology Market: Technology Segment Analysis
NFC
QR Code
WAP & Card-Based
Digital Wallet
Banking App-based
SMS-based/DCB
Others ([USSD/STK, MST, etc.]
Mobile Payment Technology Market: Application Segment Analysis
BFSI
Retail
Healthcare
Entertainment
IT and Telecom
Energy & Utilities
Hospitality & Tourism
Others (Education, Government)
Mobile Payment Technology Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Mobile Payment Technology Market : Industry Analysis and Forecast : USD 3,371 Billion by 2024
Mobile Payment Technology Market by Payment Mode (Proximity Payment and Remote Payment), by Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet, Banking App-based, SMS-based/DCB, and Others [USSD/STK, MST, etc.]), and by Application (BFSI, Retail, Healthcare, Entertainment, IT and Telecom, Energy & Utilities, Hospitality & Tourism, and Others [Education, Government]): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024