Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) — The global mobile payment market size was $1.54 trillion in 2020. The market is expected to keep growing $1.97 trillion in 2021 to $11.83 trillion in 2028 at a CAGR of 29.1% in the period 2021-2028.
According to the expert analysts of Fortune Business Insights™, digitization of payment services and emerging e-commerce businesses are responsible for increasing market developments. This information is titled to you in the report “Mobile Payments Market, 2021-2028.”
Additionally, the Company’s existing businesses in the market offer rewards, cash points, loyalty points, among others, to entice the customer to pay via mobile devices. This increases the use of these means of payment and thus the increasing demand.
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Effects of COVID-19
Authorization of contactless payment during the COVID-19 pandemic
The coronavirus disease has significantly affected the world economy and human life. It has dramatically changed the channels and means of commerce between consumers and merchants. Today, people are more vigilant about cash transactions when shopping in public places. This has triggered a surge in demand for contactless payment methods such as mobile wallets, QR code, NFC and many more.
report coverage
We prepare our reports using a comprehensive investigative approach that places great emphasis on providing accurate material. Our scientists have applied a data triangulation method which further helps us to provide reliable approximations and to accurately test overall market dynamics. In addition, our analysts are approved by various international and regional funding records to provide timely information to ensure shareholders and business professionals only invest in areas that matter.
segmentation
Based on the payment type, the market is divided into proximity payment and remote payment.
In terms of industry, the market is segmented into media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others. BFSI is projected to achieve rapid growth and maximum revenue share during the forecast period.
Geographically, the market is divided into five major regions such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. They are further categorized into leading nations.
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driver and restraint systems
Cash back and pricing approaches to empower market growth
Numerous mobile payment service providers are capitalizing on their businesses, creating fierce competition in the consumer market. To maintain a loyal customer base and attract new customers, payment application companies such as Google Pay, Amazon Pay, Alipay and others are adopting novel tactics. For example, Google Pay offers scratch cards that come with a certain sum that can be won on small transactions.
Such strategies help maintain customer loyalty when users pay through smartphones. This promotes the growth of the mobile payment market.
Report scope and segmentation:
| report coverage | details |
| forecast period | 2021 to 2028 |
| Forecast period 2021 to 2028 CAGR | 29.1% |
| Value prognosis 2028 | $11.83 trillion |
| base year | 2020 |
| Market size in 2020 | $1.54 trillion |
| Historical data for | 2017 to 2019 |
| number of pages | 150 |
| segments covered | By payment type, by industry, by region |
| growth accelerator | Payback and reward strategies to increase market growth |
| Increasing adoption of artificial intelligence based payment applications to accelerate market growth | |
| Adopting Contactless Payment to Rise Amid COVID-19 Pandemic | |
| Pitfalls & Challenges | Security concerns and inconveniences of using cash to affect mobile-based transactions |
Regional Insights
Asia Pacific is likely to hold the bulk of the mobile payments market share during the forecast period. In India, the implementation of digital wallets and QR code services has suddenly increased after the government’s demonetization process.
North America is expected to account for the second highest market share. The US has well-developed payment methods and a significant number of major players are headquartered in this country.
Europe offers several digital mobile payment solutions where most people have both bank accounts and payment cards. The presentation of groundbreaking payment solutions via smartphones is driving the implementation of mobile payment services in the region.
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competitive landscape
Notoriety in unveiling novel payment platforms to drive market growth
The must-have companies in the market fund the development of exclusive payment solutions for mobile devices. Numerous network operators and mobile payment providers are cooperating to enter the market. Major players in all industries use these payment solutions to offer value-added services and improve customer experience.
industry development
- August 2021: American Express Co. has introduced a web version and mobile app, Amex Pay, for paying taxes, insurance, internet bills, cable bills and more. This novel application also offers rewards and upgrades to its users.
List Of Major Players Covered In This Market Report
- Alipay.com Co Ltd. (Hangzhou, China)
- Amazon.com, Inc. (Washington, USA)
- American Express Co. (New York, USA)
- Boku Inc. (California, USA)
- Google LLC (California, USA)
- MasterCard International Inc. (New York, USA)
- Obopay (California, USA)
- Fidelity National Information Services (FIS), Inc. (Florida, USA)
- PayPal, Inc. (California, USA)
- Visa, Inc. (California, USA)
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Table of Contents-
- introduction
- Definition, by segment
- Research methodology/approach
- data sources
- The central theses
- market dynamics
- Macro and microeconomic indicators
- Drivers, barriers, opportunities and trends
- Effects of COVID-19
- Short term effects
- long-term effect
- competitive landscape
- Business strategies adopted by key players
- Consolidated SWOT Analysis of Key Players
- Global Mobile Payment Key Players Market Share Insights and Analysis, 2020
- Key market insights and strategic recommendations
- company profile (Covered only for 10 key players)
- overview
- key management
- headquarters etc
- Offers/business areas
- Important details (Key details are subject to data availability in the public domain and/or paid databases)
- employee size
- Important financial figures
- Past and current earnings
- gross margin
- Geographic Share
- division share
- Recent Developments
- overview
- Appendix / Appendix
- Global Mobile Payments Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028
- By payment type (value)
- approximation payment
- Near Field Communication (NFC)
- QR code payment
- remote payment
- Internet Payments
- Direct operator billing
- digital wallet
- SMS payments
- approximation payment
- By Industry (Value)
- Media & Entertainment
- Retail and Ecommerce
- BFSI
- automobile
- Medicine & Healthcare
- transport
- consumer electronics
- Other (Education, IT & Telecom, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By payment type (value)
- Global Mobile Payments Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028
Table of contents continued…!
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