Mobile Payment Market: Industry Analysis And Opportunity Assessment – Report By Introspective Market Research
Market Overview:
The global mobile payment market size was valued at USD 1.99 trillion in 2021 and is projected to reach USD 13.53 trillion by 2028, growing at a CAGR of 31.5% from 2022 to 2028.
Mobile payment is a cutting-edge method of conducting business. Cash, checks, and credit cards are the most common methods of payment. Mobile payment is a method for quickly and securely conducting cashless transactions for individuals or businesses. With the help of wireless devices like smartphones, tablets, and others, this method gives customers a new way to buy anything. In addition, mobile payment makes use of a variety of technologies, such as NFC (Near Field Communication), direct mobile billing, and SMS-based transactional payments, to enhance security and facilitate hassle-free transactions at any time and from any location. The market for mobile payment is growing in popularity; it is the simplest method for tolerating face-to-face installments.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
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Market Dynamics and Factors:
People are using the term “cashless” for transactions. Different businesses offer services that make it simple to transfer money using mobile phones or tabs. Credit and debit cards, direct debits, and credit transfers are the most frequently used non-cash payment options. However, several mobile payment options have been developed by financial technology companies. One example is PayPal, a money transfer and payment service that accepts credit cards and bank transfers. As a result, more people are switching to mobile payments. For safe transfers, businesses are also offering virtual wallets like Samsung Pay, Google Wallet, and Apple Pay. In 2020, each Samsung Pay and Google Pay will have 100 million users. This demonstrates the high rate of adoption and the shift toward cashless transactions in the coming year.
The boundaries of urbanization are endless, and while cities are rapidly expanding their infrastructures and populations, rural areas are also developing. Digitalization helps in reclassifying the whole business system taking on the most recent and new arising advanced innovation to drive the business. As a result, small businesses, both urban and rural, are moving toward online methods of transferring money. Digitalization makes it possible to digitally complete every step of the payment process, providing faster and more secure services. Through mobile payment functionality, digitalization has spread to the banking, food, agriculture, and service industries. A subset of digital payment that makes it possible to pay with mobile devices is called mobile payments. As a result, the mobile payment market will have opportunities to expand as a result of digitalization.
Top Key Players Covered In The Mobile Payment Market:
- Apple (US)
- Google (US)
- American Express Company (US)
- MasterCard (US)
- PayPal (US)
- Isis Mobile Wallet (US)
- Visa (US)
- Merchant Customer Exchange (US)
- Alibaba Group Holdings Limite (China)
- com Inc. (US), and Other Major Players.
Mobile Payment Market Report Highlight:
- By payment type, the proximity payment segment is anticipated to lead the growth of the Mobile Payment market in the forecasted timeframe. In mobile proximity payments, the payer and the receiver are in the same location, and proximity technology facilitates the transition between their devices. Closeness innovation utilized for versatile installment is Near Field Communication (NFC), Quick Response (QR) codes, advanced wallets, card terminals, and so on.
- By end-users, the BFSI segment is set to develop at the highest share during the forecasted timeframe. One of the most significant industries in which businesses have better options when it comes to digital transactions is BFSI (banking, financial services, and insurance). The BFSI industry is using new methods to make it easy and convenient to transfer money. Putting together apps for smartphones, adding new features like remote check deposit, and offering training to educate customers.
- The Asia Pacific region is expected to have the highest share of the Mobile Payment market over the projected period. India and China, in particular, hold the majority of the market in the Asia-Pacific region. The government’s demonetization and digitalization have accelerated the use of mobile payments in India. In addition, China’s large population indicates a large consumer base for the mobile payment market. China is a leader in the adoption of new technology, and the country’s high smartphone usage and growing demand for faster payment options are expected to increase demand for mobile payments over the anticipated time frame.
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Key Industry Development:
In March 2022, In addition to acquiring tink, Visa, Visa established a banking platform through which financial institutions can offer services, products, and money transfers. Customers frequently expect Tink and Visa to improve the management of their money, financial data, and financial services.
In November 2021, American Express International and Fujitsu Limited, a leading Japanese information and communication technology company, announced a new partnership to work on their global expense management through digital transformation.
Mobile Payment Market Segmentation:
By Payment Type
- Proximity Payment
- Remote Payment
By End Users
- BFSI
- IT & Telecommunication
- Retail
- Others
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Table Of Content
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Payment Type
3.2 By End-User
Chapter 4: Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Additionally, we are offering company profiles for all of the major key companies. Please take the time to visit our company profiles. If you want to do any customized profiling for the companies do let us know.
Chapter 5: Mobile Payments Market by Payment Type
5.1 Mobile Payments Market Overview Snapshot and Growth Engine
5.2 Mobile Payments Market Overview
5.3 Proximity Payment
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2028F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Proximity Payment: Grographic Segmentation
5.4 Remote Payment
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2016-2028F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Remote Payment: Grographic Segmentation
Chapter 6: Mobile Payments Market by End-User
To Be Continued…
For this report, Introspective Market Research has segmented the Mobile Payment Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Mobile Payment market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Mobile Payment industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Mobile Payment market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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