Mobile payment is the payment method where a portable electronic device namely smartphones are employed as payment vehicles. Different technologies are used in mobile payment including near field connectivity (NFC), mobile point-of-sale, and wearable devices. The primary objective behind mobile payment technology is to avoid usage of currency, paper, coin, and plastic media such as debit/credit cards, checks, and paychecks. Both developed and emerging economies have started adopting mobile payment technologies rapidly, owing to rising evolution of fast speed internet and increasing penetration of smartphones. Mobile contactless technology offers flexibility for service providers (retailers, banks, transport companies) to update over-the-air (OTA) contactless applications to extend payment solution offerings and develop enhanced payment technologies. The global mobile payment technologies market is expected to witness substantial revenue expansion from 2016 onwards, and register a robust CAGR rate till 2020, owing to the advent of ground-breaking payment solutions to provide immediate payments through mobile phones and subsequent reluctance from end-users for its adoption/implementation.

Market Dynamics

Rapid development in payment technology has changed consumer and business expectations for payment systems globally. The adoption of payment technologies such as near field communication, smartphones payments, transition through smartphone apps are helping to drive the global mobile payment technology market in the forecast period. Moreover, payment companies are also providing lucrative skims or discounts for mobile payment in order to attract the consumers. For instance, In February 2020, According to Coherent Market Insights analysis Amazon.com, Inc., a US based E-commerce Company is offering 10 % discount up to US$ 1.31 for railway booking using companies mobile payment method known as Amazon Pay.

Moreover, evolving internet of things (IoT) technology will provide lucrative growth opportunities to key players in the market. Integration of IoT with payment applications provides a major opportunity for the extension of payment solution offerings and development of robust payment technologies. Moreover, IoT-powered devices can offer secure payments and promise greater convenience for recipients and also for customers.

However, inability to adopt new method of transaction and security issues related to mobile payment method may hamper the growth of global mobile payment technologies during the forecast period.

Market Taxonomy

This report segments the global mobile payment technologies market on the basis of type, type purchase, end-use application and region. On the basis of type, global mobile payment technologies market is segmented into proximity payment and remote payment. On the basis of type purchase, the global mobile payment technologies market is segmented into airtime transfers & top-ups, money transfers & payments, merchandise and coupons, travel and ticketing, and others. On the basis of end-use application, the global mobile payment technologies market is segmented hospitality & tourism sector, BFSI, media & entertainment, retail sector, health care, education and others. On the basis of region, global mobile payment technologies market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

• This report provides an in-depth analysis of the global mobile payment technologies market and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global mobile payment technologies market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the global mobile payment technologies market includes PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
• The global mobile payment technologies market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global mobile payment technologies market.

Detailed Segmentation:

• Global Mobile Payment Technologies Market, By Type:
• Proximity Payment
• Remote Payment
• Global Mobile Payment Technologies Market, By Type Purchase:
• Airtime Transfers & Top-ups
• Money Transfers & Payments
• Merchandise and Coupons
• Travel and Ticketing
• Others
• Global Mobile Payment Technologies Market, By End-use Application:
• Hospitality & Tourism Sector
• BFSI
• Media & Entertainment
• Retail Sector
• Health Care
• Education
• Others
• Global Mobile Payment Technologies Market, By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
• Company Profiles
• PayPal, Inc.*
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• Microsoft Corporation
• MasterCard International Inc.
• Apple, Inc.
• American Express, Co.
• Google, Inc.
• Boku, Inc.
• AT & T, Inc.
• Visa, Inc.
• Vodafone Ltd.
• State Bank of India (SBI)
• Fortumo
• Bharti Airtel Ltd.

*Browse all the market data tables and figures on “Global Mobile Payment Technologies Market- Forecast to 2027”