A recent report published by Infinium Global Research on mobile payment technologies market provides in-depth analysis of segments and sub-segments in global as well as regional mobile payment technologies market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional mobile payment technologies market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global mobile payment technologies market. According to the report the global mobile payment technologies market is projected to grow at a CAGR of 33.6% over the forecast period of 2018-2024.
Mobile technology refers to payment services operated under financial regulations and is performed from or via a mobile device. Various technologies used for mobile technology includes token transmission over the air or through the manual entry with a keypad. a number of merchants are increasingly adopting mobile payment technologies. A mobile POS system allows you to accept payments wherever business takes you, which can help your business grow through increased customer engagement, improved flexibility, and better overall customer experience. Other mobile pay technologies market includes Near Field Communication (NFC), Bluetooth, Wi-Fi, and RFI. Near Field Communication (NFC), Bluetooth, WI-Fi, and RFI. For instance, when utilizing mobile pay, the mobile device serves as a security token and creates a random code for the transaction, which makes the transaction more secure. Mobile payment benefits include delivering convenience, improving sales, and keeping customers loyal. Rather than stopping at an ATM for cash or loading a wallet with credit cards. With mobile payment technologies, one can easily use your smartphones to complete payment transactions.
Rapid development in the mobile payment solutions to provide better payment service to the end users are expected to be the factor driving the growth of the mobile payment technologies market. Growing government-led initiatives and increasing adoption of smart appliances are boosting the market. Additionally, with internet available smart devices increasingly becoming common among the population, thus the adoption of immediate payment technologies through mobile applications is rising in an extraordinary way. This, in turn, is upsurging the demand for mobile payment technologies among the consumers. However, the major challenges in the mobile payment technology market are security. Security concerns and the risk of loss of critical data using mobile wallets is restraining the adoption of mobile payment solutions. Hence, traditional payment systems continue to remain popular among senior citizens. As over-the-air transactions occur, payment applications become exposed to hackers looking to misuse customer data.
Moreover, the integration of IoT with payment applications is anticipated to provide several opportunities.In addition. Extend payment solution offerings, and develop enhanced payment technologies offers significant growth in the mobile payment technology market. For instance, FinTech leaders are developing Internet-based mobile wallets based on crypto currencies, Bitcoin. On the other hand, fastest payment services across the world are supporting business and customers with real-time bank transfers. This, in turn, has increased the increased convenience of mobile technologies over the upcoming years.
Among the geographies, Asia-Pacific generated the highest revenue segment in the mobile payment market owing to the increase in population and the active online media in India as well as growth in e-commerce. Moreover, early acceptance of new technology and the advantages of easy and secure money transactions are pacing the growth of the North American market. On the other hand, increasing government initiatives for a cashless economy is favoring mobile payment solutions in India. Moreover, developing countries are using mobile payments for end-to-end transactions but are estimated to utilize its usage for the purchase of goods and bill payments.
The report on global mobile payment technologies market covers segments such as purchase type, type, and end use application. On the basis of purchase type, the global mobile payment technologies market is categorized into money transfers & payments, airtime transfers & top-ups, merchandise and coupons. On the basis of type, the global mobile payment technologies market is categorized into proximity payment and remote payment. On the basis of end use application, the global mobile payment technologies market is categorized into education, it & telecommunication, health care, retail, media & entertainment, BFSI, and hospitality & tourism.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global mobile payment technologies market such as Orange S.A, Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Millicom International Cellular SA, Mahindra Comviva and Econet Wireless Zimbabwe Limited.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global mobile payment technologies market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of mobile payment technologies market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the mobile payment technologies market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the mobile payment technologies market to understand the present and future trends in this market and formulate their strategies accordingly.
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