Mobile Payments are a cashless medium for day-to-day transactions. This emerging technology allows its users to make immediate cashless payments by using smartphones and without even needing to access their bank accounts. Due to the convenience of payment, Mobile Payments have become extremely popular especially among the youngsters.
Furthermore, the adoption of advanced technologies like NFC (near field communications) is the main driving force behind the popularity of Mobile Payments and its market growth. Another driving force is the proliferation of Smart Phones uptake globally. Moreover, other Mobile Payments offerings such as secured approach, the convenience of use, speed and offers attached to it. Furthermore, the burgeoning e-commerce sector provides impetus to the market growth. The augmenting uptake is increasing the market size of Mobile Payments globally.
Acknowledging the exponential growth the market perceives currently, Market Research Future (MRFR), in its recently published market forecast asserts that the global Mobile Payments market will climb up to USD 3,300 Billion by 2023, registering a massive, double-digit CAGR of 32 % throughout the forecast period (2017 – 2023).
Mobile Payments a convenient and cost-effective way of making payments. As online purchases have increased, there is an increase in online payments too. Also, government initiatives that promote adoption of cashless transactions, in turn, will foster the market growth of mobile payments.
For instance; in 2017, Govt. of India has started promoting the cashless economy to overcome various negative influences in the economy. The monetization plan played a vital role in the growth of the Mobile Payment market.
Global Mobile Payments Market - Competitive Analysis
Market Players operating in the market ensure their mission success, focusing on optimized situational awareness for customers. The market characterized by the presence of large and small players appears to be highly competitive.
Matured players incorporate collaboration, acquisition, partnership, technology launch, and expansion, to gain the competitive advantages and to maintain their position in this market.
Given the growth prospect of the market, many companies are coming up with their digital wallets and mobile apps to make the payment process more accessible for customers. For instance: MasterCard has a digital wallet MasterPass. Starbucks Corporation has come up with its mobile app to make the pay and order process hassle-free.
Industry/Innovation/ Related News:
May 30, 2018 – Naffa Innovations Pvt. Ltd,(India), developer of mobile payments technology platform – one like ToneTag, announced that it has raised USD 8-10 million from a group of investors led by Amazon Inc. and Mastercard.
June 01, 2018 – Paytm (India) announced that the company through its recently introduced programs, is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers. And, its gross transactions run rate is USD 29 bn. Mark.
Global Mobile Payments Market - Segmentation
MRFR has segmented the report into four key dynamics for the convenience enhanced understanding;
By Mode of Payments : Consists of Mobile wallet/Bank cards and Mobile Money among others.
By Mode of Transactions : SMS (Short message service), WAP (Wireless application protocol) and NFC (Near field communication).
By End-Use Applications : Entertainment, Retail, Education, Hospitality and Healthcare, among others.
By Regions : North America, Europe, APAC and Rest of the World.
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Payments Market AnalysisThe global Mobile Payments Market size is predicted to touch USD 3,300 billion at a 32% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis.
Mobile payment, simply put, is the payment of services or goods or transfer of money with smartphones/mobiles.
This form of payment is used in different operations such as buying movie tickets, smartphone game upgrades, ordering takeaway food, and others.Various factors are propelling the global mobile payments market share.
Of these, the mobile wallet/bank cards segment will lead the market over the forecast period.By mode of transaction, the global mobile payments market is segmented into near field communication (NFC), short message service (SMS), and wireless application protocol (WAP).
Of these, the retail segment will have a major share in the market over the forecast period.Regional AnalysisBased on the region, the global mobile payments market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).Of these, the APAC region will dominate the market over the forecast period.
The rise in smartphone users, growing awareness about mobile banking, rising internet penetration, favorable government approaches to promote the digital economy, and heavy investments to promote mobile solutions and mobile payments are adding to the global mobile payment technologies market growth in the region.The global mobile payment technologies market in Europe is predicted to hold the second-largest share over the forecast period.
All one needs now is a smartphone to transfer or receive money quickly.
What wins it accolades is the transparency and accessibility with which it can operate.
The global mobile payments market is now eyeing for an astonishing USD 3,300 billion valuation with a 32% CAGR during the forecast period (2018-2023).
Apart from the benefits enjoyed by consumers, businesses can also benefit as the transaction becomes smoother and hassle-free.
The digitalized process also helps in the analysis of customer behavior which can be a great tool for customer retention policies.
Based on the mode of transaction, the mobile payments market includes short message service (SMS), wireless application protocol (WAP), near field communication (NFC), and others.Regional Analysis:Region-specific analysis of the mobile payments market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).Europe is expected to dominate the global market.
Frank n Raf Market Research provided global Mobile Payments market report.
This report inquisition the global Mobile Payments market analyzes and researches the Mobile Payments development status and forecast in United States, EU, Japan, China, India and Southeast Asia.
This provided report nucleus on the top players in global market, likeOrange S.A.Vodacom Group LimitedMasterCard IncorporatedBharti Airtel LimitedMTN Group LimitedSafaricom LimitedPayPal Holdings, Inc.Econet Wireless Zimbabwe LimitedMillicom International CellularSA Mahindra ComvivaOne97 Communications Ltd.TIO NetworksCorp Google Inc (Google Wallet)Apple Inc (Apple Pay)Market section by Regions/Countries, this report shell United States EU Japan China India Southeast Asia Market section by Type.Mobile Payments can be split intoShort Message Service (SMS)Near-Field Communication (NFC)Wireless Application Protocol (WAP) Market segment by Application, Mobile Payments can be split into Entertainment Energy & Utilities Healthcare Retail Hospitality & Transportation Others If you have any special requirements,Table of Contents1 Industry Overview of Mobile Payments2 Global Mobile Payments Competition Analysis by Players3 Company (Top Players) Profiles4 Global Mobile Payments Market Size by Type and Application (2012-2017)5 United States Mobile Payments Development Status and Outlook6 EU Mobile Payments Development Status and Outlook7 Japan Mobile Payments Development Status and Outlook8 China Mobile Payments Development Status and Outlook9 India Mobile Payments Development Status and Outlook10 Southeast Asia Mobile Payments Development Status and Outlook11 Market Forecast by Regions/countries, Type and Application12 Mobile Payments Market Dynamics13 Market Effect Factors Analysis14 Research Finding/Conclusion15 AppendixMethodologyAnalyst IntroductionData SourcePlease let us know if you have any special requirement and we will offer you the report as your requirement.
Get more details at https://franknraf.com/reports/global-mobile-payments-market-size-status-and-forecast-2022/Request for sample report of Global Mobile Payments Market Report at https://franknraf.com/sample-report/?rpt_id=6129Company Name: Frank n Raf Market ResearchUS: +1 347-321-6773Related Report:Global IoT Cloud Platform Market Size, Trends and Forecast 20222018-2025 Full-Service Restaurants Report On Global And United States Market Size, Trends and Forecast2015-2023 World Rugged Notebooks Market Size, Trends and Forecast Global Winery Software Market Size, Trends and Forecast
The global mobile payment market size was accounted at $1.48 trillion in 2019 and is projected to reach $12.06 trillion by 2027 with a growing CAGR of 30.1% over the forecast period.The Global "Mobile Payments Market" research report provides the most valuable insights into the global market opportunities, challenges, trends, business strategies, and the latest innovations in the industry.
The main objective of this report is to cover an extensive analysis of the key factors influencing the market growth and to cover detailed market segmentation by type, application and region.Read More: https://introspectivemarketresearch.com/reports/mobile-payments--market/Mobile payments (including mobile wallets and money transfers) are regulated transactions made through mobile devices.
It has also thoroughly covered the overall regulatory framework of the market, giving stakeholders a better understanding of the key factors influencing the overall market environment.The analysis also divides the Mobile Payments Market on the grounds of main Product Type:Software, HardwareThe analysis also divides the Mobile Payments Market on the Applications:Cash on delivery, Instant PaymentGet Discount on Full Report of Mobile Payments Market @:https://www.introspectivemarketresearch.com/discount/7153Importance of The Mobile Payments market :Mobile payments are payments made to a product or service via a portable electronic device such as a tablet or mobile phone.
Mobile payment technology can also be used tosend money to friends and family, such as using PayPal and Venmo applications.Mobile payments are regulated transactions that take place digitally through mobile devices.In stores, mobile payments are made possible by a technology called NFC, which stands for "Near Field Communication.
"With enhanced security features and convenience, mobile payment adoption will continue to grow.Mobile payments are safe, fast, and convenient.Introspective Market Research provides discounts on every report.
Clear data on financial dynamics, business ups and downs, product demands – supply chain, product sales, global market statistics, and market growth accelerators is eloquent.
