Mobile Payment Market by Mode of Transaction (Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP)), by Type of Mobile Payment (Mobile Wallet/Bank Cards and Mobile Money), by Application (Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Market Definition:

The global Mobile Payment Market size valued to USD 1,409.50 billion in 2019, and is predicted to garner USD 17,706.10 billion by 2030, with a growing CAGR of 25.8% from 2020-2030.

Mobile Payment refers to the payment for goods and services performed by the means of mobile or smart phones. Rather than making payments in cash, cheque, or using credit cards; consumers can pay via mobile phones for a wide range of services and goods. Rapid digitization and technological advancements have led to development of various mobile applications and payment gateways, making the traditional payment process absolutely hassle-free.

Market Dynamics and Trends:

The global mobile payment market is booming, due to increased internet penetration, higher adoption of smartphones, increased diffusion rates of M-commerce industry, as well as inclination of consumers towards hassle-free quick-processing services. Besides, market trends such as rapid digitalization, evolution of more and more service providers, increased security offered for mobile transactions, reward-points, vouchers and cashbacks offered for using their services as well as integration of various industry verticals aiming at propagating the M-commerce business, are responsible for creating ample of opportunities in the global market in future.

Furthermore, the mobile payment services tend to bridge the gap between underbanked and banked population, hence substituting the mode of traditional payments at global level. This market scenario further supplements the growth of global mobile payment market.

However, safety concerns regarding the use of mobile payment technologies, theft or loss of configured mobile devices having financial details and credentials, hacking risks, as well as cyber crime are the factors that tend to hamper the mobile payment market growth.

Moreover, factors such as increasing support from regulatory bodies regarding digitalization and online payment methods, specifically in emerging economies, development of safer and more secured payment applications as well as developing connectivity with advanced spectrum, are to provide avenues for growth of the global mobile payment market in the coming future.

Market Segmentations and Scope of the Study:

The global mobile payment market share analysis is based on mode of transaction, type of mobile payment, application, and geography. Based on mode of transaction, the mobile payment market is segmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). Based on type of mobile payment, the market is divided into Mobile Wallet/Bank Cards and Mobile Money. Based on application in the end-users, the market is divided into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America represents a developed market, accounting for the highest market share; hence dominating the global mobile payment market throughout the forecast period. This is attributed to technological advancement, higher demand for hassle-free shopping and increased penetration of smart phones.

Asia Pacific is expected to gain traction in the global mobile payment market, over the forecast period, with gradual increase in market size. Moreover, increase in internet penetration, higher use of smart phone, growing number of M-commerce industries coupled and increased inclination towards mobile wallets are expected to further augment the market growth.

Competitive Landscape:

The mobile payment market is highly competitive and fragment in nature which consists of various market players. Some of the major market players include 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 among others.

The key players are employing strategies such as joint ventures, technical collaboration, capacity expansion, mergers, and acquisition in-order to gain stronger position in the global mobile payment market.

For instance, in April 2019 Orange S.A., engaged in digital transformation of Africa and the Middle East, launched its first “Orange Digital Centre” in Tunisia.

Furthermore, in January 2020, PayPal Holdings and UnionPay International entered a global partnership agreement to accelerate the growth of digital payments. With this collaboration, UPI plan to add more than 30 markets, to benefit the consumers in shopping at any of the 24 million merchants globally where PayPal is accepted via the PayPal wallet. The partnership empowers the consumers in exploring the option to expand PayPal's digital wallet to physical retail locations where UnionPay is accepted at global level. This joint venture is the first-ever foreign-payments platform licensed to process online payments in China.

KEY BENEFITS:

• The mobile payment market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the mobile payment market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The report provides detailed information related to key drivers, restraints and opportunities and their impact on the mobile payment market.

• The report incorporates competitive analysis of the market players along with their market share in the global mobile payment market.

• The study elaborates SWOT analysis and Porters Five Forces model for the mobile payment market.

• Value chain analysis in the mobile payment market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Mode of Transaction

• Short Message Service (SMS)

• Near-Field Communication (NFC)

• Wireless Application Protocol (WAP)

By Type of Mobile Payment

• Mobile Wallet/Bank Cards

• Mobile Money

By Application

• Entertainment

• Energy & Utilities

• Healthcare

• Retail

• Hospitality & Transportation

• Others

By Geography

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Italy

  • Germany

  • Spain

  • Netherlands

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Taiwan

  • Vietnam

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION: