According to Polaris Market Research, the global mobile payment technology market share & trends are expected to reach USD 11,423.0 billion by 2030, with a CAGR of 24.4% during the forecast period.
Mobile payment is money payment assembled for a product or service through an electronic device like a cell phone or tablet. Mobile payment technology also can be utilized to send money to family members and friends. Several banks have lately embraced technology in their banking apps that permit customers to dispatch money immediately to family members and friends directly from their bank accounts. Mobile payments are also made on-site at stores by scanning a barcode on an app on the phone welcoming payments from available stores to multinational and large retailers.
There are several advantages of mobile payments, like discarding physical wallets. Not pulling out or reaching cash saves time, but it is safer and prohibits others from seeing the content on the wallets. Touch ID in the manifestation of fingerprint scan or PIN input makes mobile payments safer than a physical credit card. As different security codes are generated by mobile services for respective transactions, the procedure of payment is notably safer than using a physical card. Merchants may not check identifications, so receiving mobile prices is a move. At the same time, the cases of fraudulent activities may be reduced.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Important Questions Being Answered by The Market Report
- What is the market size and growth?
- What is the market share of the mobile payment market?
- What factors are expected to drive mobile payment market trends?
- How can the report sample of the mobile payment market report be obtained?
- Who are the potential customers?
- Which are the leading players?
Top Market Players Are:
- Bharti Airtel Limited
- Econet Wireless Zimbabwe Limited
- Mahindra Comviva
- MasterCard Incorporated
- Millicom International Cellular SA
- MTN Group Limited
- Orange S.A.
- PayPal Holdings Inc.
- Safaricom Limited
- Vodacom Group Limited
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Mobile payment technology market: Growth leading factors
Mobile payment is the favored medium for paying and receiving payments as it provides hassle-free and high-speed services. Therefore, all companies are attracted to offering goods and services through a mobile platform. Groceries, telecommunication providers, and retailers are now moderately launching their mobile apps through which there can be online shopping done by customers from anywhere.
Emerging economies like India and China have a penetrating reach of smartphones and growing 3G and 4G connectivity users. Moreover, both countries constitute more than one-third of the globe’s population; therefore, the present utmost market possibility for mobile payment. It is expected that round about 90% of the people below 30 years of age inhabit these emerging markets. Rapid urbanization, growth of the middle-class segment, advancement in literacy level, and increase in the familiar tech generation would raise the consumption rate in the emerging economies. Thus, leading to the development of mobile payment.
During the covid-19 pandemic, businesses are managing operational challenges. Many financial institutions and banks are offering their customers new digital techniques and tools, among which mobile payment has seen substantial adoption.
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Mobile payment technology market: Report Scope
Market Size 2021 Value
USD 1,736.7 billion
Market Outlook for 2030
USD 11,423.0 billion
Expected CAGR Growth
24.4% from 2022 – 2030
2022 – 2030
By Mode of Transaction, By Type, By Application, By Region
Bharti Airtel Limited, Econet Wireless Zimbabwe Limited, Mahindra Comviva, MasterCard Incorporated, Millicom International Cellular SA, MTN Group Limited, Orange S.A., PayPal Holdings Inc., Safaricom Limited, and Vodacom Group Limited.
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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Mobile payment technology market: Key segmentation
- Insight by mode of transaction, type, application, and region
By mode of transaction, the NFC segment is expected to enhance the mobile payment technology market due to NFC-enabled smartphones. By type, mobile wallets dominated the market due to the growing penetration of digitalization. Mobile wallet decreases reduce fraud and content within the wallet. By application, the entertainment application segment governed the market as digital entertainment is undergoing a revolution. This revolution is the outcome of speedy product innovation, growth of social media, and increased consumer connectivity.
By region, Asia Pacific emerges as a dominating force. It has the highest revenue segment in the mobile payment market because of the growth in population and the energetic online media in India, and e-commerce growth. Additionally, premature welcoming of technology that is latest and thus the advantage of easy and safe money negotiations is treading the extension of the North American market. Besides, growing initiatives by the government for an economy that is cashless are gratifying mobile payment solutions in India. Also, developing countries utilize mobile payments to prevent transactions and are expected to use their usage for buying goods and the cost of bills.
Browse the full “Mobile Payment Technology Market Share, Size, Trends, Industry Analysis Report, By Mode of Transaction (SMS, NFC, WAP); By Type (Mobile Wallet, Bank Cards, and Mobile Money); By Application; By Region; Segment Forecast, 2022 – 2030” Report at https://www.polarismarketresearch.com/industry-analysis/mobile-payment-technology-market
Key highlights of the report
- The study offers an analysis that is in-depth of the global mobile payment market share together with current and future trends to explain the approaching investment pockets
- Particulars about necessary restraints, drivers, opportunities, and their impact on the investigation of the global mobile payment market size are offered in the report
- Porter’s five forces analysis exemplifies the influence of the buyers and suppliers functioning in the mobile payment industry
- The quantitative analysis of the market for the forecast period is offered to decide the mobile payment market potential
- The comprehensive analysis offers an insight into the market, underscoring the growth rate and business opportunities
- Large scale specifics on factors considered to influence growth and share of the market
The market primarily depends on the mode of transaction, type, application, and region
Mobile payment technology market: By mode of transaction
Mobile payment technology market: By type
- Mobile Wallet
- Bank Cards
- Mobile Money
Mobile payment technology market: By application
- Energy & Utilities
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