Mobile Payments Market Size In 2022 : Top Countries Data with CAGR Value, Global Industry Brief Analysis

As per the market research, the market demand is rising due to the convenience of use and the user-friendly feature.

Mobile Payments Market

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. 

The Mobile Payments Market statistics show that the estimated valuation of the market will reach around USD 11.85 billion towards the end of 2030, with a CAGR of 29.5% during the forecast period (2021-2030).

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.

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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.

Segmentation:

The global mobile payments market can be segmented by mode of payment, mode of transaction, and application.

Based on the mode of payment, the mobile payments market can be segmented into mobile wallet/bank cards and mobile money.

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.

Application-wise segmentation of the mobile payments market includes retail, education, entertainment, healthcare, hospitality, 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).

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Europe is expected to dominate the global market. The region has high literacy level and the presence of several banks with such apps that facilitate transactions. Digital connectivity in the region is also quite high which can amply back the mobile payments segment. The market is getting further benefits from the presence of global players, and technological infrastructure is also of the highest quality which corroborates the needs as well.

The APAC market is expected to grow with the fastest CAGR during the forecast period. A huge population is one crucial factor that is providing the regional market much-needed traction. At the same time, a number of smartphone users are also growing which means easy integration of mobile payments apps. India and China are both doing remarkably well in the market. Their massive population and digitalization are helping the market in having a holistic growth. The region is also witnessing an influx of several multinationals across verticals, and start-ups are also doing remarkably well opening up avenues for the mobile payments market. North America is also having a great run in the market with the U.S. and Canada substantially contributing.

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.

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Reasons for Buying This Report:

  • It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
  • It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
  • It Helps in Understanding the Key Product Segments and Their Future.
  • It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
  • It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.

TABLE OF CONTENTS

1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE

2 RESEARCH METHODOLOGY

2.1 RESEARCH TYPE

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST MODEL

2.4.1 MARKET DATA COLLECTION, ANALYSIS FORECAST

2.4.2 MARKET SIZE ESTIMATION

3 MARKET DYNAMICS

3.1 INTRODUCTION

3.2 MARKET DRIVERS

3.3 MARKET CHALLENGES

3.4 MARKET OPPORTUNITIES

3.5 MARKET RESTRAINTS

4 EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

Continued...

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