Growth in middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation would increase the consumption rate in emerging economies, thus leading to growth of mobile payment. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In terms of application, the market is segmented into media & entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others. In terms of purchase type, it is segmented into airtime transfer & top-ups, money transfers & bill payments, merchandise & coupons, travel & ticketing and others. As per end user, the market is bifurcated into personal and business. As per transaction mode, the market is segmented into mobile web payments, near field communication, SMS/direct carrier billing, and others.
In terms of payment type, the market is bifurcated into proximity and remote. The global Mobile Payment market is segmented on the basis of payment type, transaction mode, end user, purchase type, application and region. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Mobile Payment market. The report focuses on the growth prospects, restraints, and trends of the Mobile Payment market analysis. Region wise, the Mobile Payment market was dominated by Asia-Pacific in 2019 and is expected to witness the highest growth rate during the forecast period owing to expansion of the FinTech infrastructure and hefty investments from the private & public players in the region. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. The mobile web payments segment is expected to garner a significant share during the forecast period. Furthermore, growth in usage of NFC, RFID and host card emulation technology in Mobile Payment and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the market. Furthermore, rising data breaches and security issues in Mobile Payment hampers the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. Get more information on this report : Request Sample Pages In addition, Mobile Payment use different technologies such as NFC (Near Field Communication), SMS-based transactional payments and direct mobile billing, for improving the security of the transaction and to provide hassle-free transactions. Mobile Payment provide customers a way to purchase any good or services with the help of wireless devices such as smartphones, tablets and others. Mobile payment is an alternative method for traditional payment systems where cash, cheques or credit cards are the medium of payment. The global mobile payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.ĭuring COVID-19 outbreak, the retail segment accounted for the highest market share in mobile payment market, due to high demand of contactless payments in retail shops such as grocery and drug stores which helps in reducing chances of virus transmission.
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