The mobile payments market is set to score high as the ease of monetary transaction is taking the world by storm. All one needs now is a smartphone to transfer or receive money quickly. The cashless medium has become quite popular in no time as it keeps the hassles of carrying currency at bay. What wins it accolades is the transparency and accessibility with which it can operate.
In addition, the mobile payments market is gaining the favors of governments who are now promoting guidelines to banks asking them to encourage mobile payments. 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). Market Research Future’s (MRFR’s) report on the same market provides a detailed analysis of segments and worthwhile factors. 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. Small businesses are also gaining much by knowing consumer behaviors from their payment patterns.
Despite such benefits, the mobile payments market has a drawback as it can get breached by online hackers. This would then leave a lot of personal information defenseless making individuals vulnerable to further attacks. However, banks and other organizations are fighting hard to constantly update their apps and secure them for faster transaction procedure.
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.
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. 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.
Some of the prominent mobile payments market influencers are Alipay.com (China), Amazon.com, Inc. (U.S.), Apple (U.S.), Starbucks Corporation (U.S.), PayPal holdings, Inc. (U.S.), General Motors Company (U.S.), MasterCard Incorporated (U.S.), Samsung Group (South Korea), Paytm (India), Square, Inc. (U.S.), and others.
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