Mobile Payment Market is poised to grow at a CAGR of over 25.8% during the forecast period of (2020-2030)
High penetration rate of smart phones along with internet services followed by technological advancement as well as launch of new mobile payment application with essential upgrades are expected to drive the growth of Mobile Payment industry during the forecast period of 2020-2030.
The Mobile Payment Market is expected to grow at the CAGR of 25.8% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Mobile payment is a software based services which can be used by the means of smart phone at any retail, online store anywhere. It has a wide application and does not require any kind of cash or other documents except mobile phone. The mobile application used for the payments are directly linked to the bank account and wallets, wallet needs to be recharged from time to time which liquefy the mobile payments at different stores, outlets, online & others.
According to the report, constant development of technology on a large scale with high adoption rate owing to the growth use of smart phones. There has been development of infrastructure along with constant growth in digital services followed by the constant updates in existing mobile applications. In addition, from time to time there has been launch of new mobile wallets or application with user friendly interface along with developed security is also likely to promote the market growth. On the other hand growth in consumer awareness with hassle free service accompanied by growing internet penetration all around the world is anticipated the market growth. Moreover, wide acceptance of mobile payments with along with growing rewards such as cash back, loyalty points, vouchers & many more are expected to shift the market trend.
However, growth in safety concerns with rising cyber attack as well as fraud may restrict the market growth. Moreover, fast developing communication & data services along with advanced spectrum followed by rising demand enhanced security for payments application is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of mode of transaction, the mobile payment market share is segmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). In 2017, Short service message dominates the global mobile payment market in terms of market share and will be the dominant during the forecasted period.
On the basis of type of mobile payment, the mobile payment market is categorised into Mobile Wallet/Bank Cards and Mobile Money. Mobile Wallet/Bank Cards is expected to growth significant CAGR over the forecast period owing to the continuous launch of mobile wallets as well as mobile applications.
On the basis of application, the market is classified into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. Retail segment is expected to develop with robust CAGR and most likely to maintain its dominance over the forecast period.
North America is likely to account for the highest market size & share of the mobile payment market in the forecast period 2020–2030 owing to the presence of advanced technology followed by the rapid use of smart phone along with developed infrastructure. Europe accounts for the second leading position in the mobile payment market size. Asia Pacific is expected to be the fastest developing region in the mobile payment market which is majorly driven by growing internet penetration along with the rising demand of smart phone. Moreover, growth in digitization followed by the improved awareness among consumer are also projected the market growth.
According to the report, some the key players in the mobile payment market are Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited, and Mahindra Comviva.
Browse key industry insights from the report at https://www.nextmsc.com/report/mobile-payment-market in detail along with the table of contents:
Key Insights from the Mobile Payment Market Report:
- Asia Pacific is the fastest growing Mobile Payment market owing to the rising demand of smartphone followed by high penetration rate of internet services accompanied by growth in digitization services.
- The retail application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited, and Mahindra Comviva.
The report Mobile Payment market – segmented by mode of transaction, type of mobile payment, application and geography
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