Mobile Payment Technologies Market 2019 Trends, Size, Share, Segment and Industry Growth by Forecast to 2023

Market Highlights:

Global Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023. Development in digital technology, increasing adoption rate of smartphones and internet on mobile, investment by non-banking institutions in the payment system, and dynamic consumer market are some of the prime factors which are driving the market of mobile payment technology globally. However, lack of cross-border payment standards is expected to hinder the market growth in coming years. Whereas, development in 5G network, introducing artificial intelligence technology in digital payments are expected to build fruitful opportunity for the growth of the market. On the other hand, increasing cyber-attacks is one of the major challenges faced by the market.

Development in technologies such as IoT, cloud, artificial intelligence, and big data, supported by growth in e-commerce sector, has revolutionized payment options or methods globally. Increasing adoption of smartphones, tablets, and other smart handheld devices, changing payment options which include the growing use of debit cards, credit cards, and other digital payment wallets, and government support in the development of high-speed networks such as 3G, 4G, and 5G are some of the major factors driving the digital payments market globally.

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Major Key players

The global Mobile Payment Technologies market is characterized by the presence of many global, regional, and local vendors. Market Research Future has identified following key players in the market – Google, PayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide, global payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, and Paysafe among others

The market is expected to witness strong competition among the existing players. The mobile payment solution providers compete based on cost, product quality, reliability, and aftermarket services. It is crucial for the vendors to provide cost-efficient and high-quality services to survive and succeed in an intensely competitive market. Key market players are investing extensively in the development of advanced mobile payment solutions which would support them to stay competitive in the market.

According to MRFR, Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023

Segmentation:

The global Mobile Payment Technologies market is segmented into solutions, deployment mode, organization size, vertical, and region.

By solutions, the market is sub-segmented into point-of sale (PoS) solutions, in-store payments, and remote payments. By PoS solutions, the market is further bifurcated into near-field communication (NFC) payments, sound-wave based payments, and Magnetic secure transmission (MST) payments. In-store payments solutions are further sub-segmented into mobile wallets, and Quick response (QR) code payments. And, remote payments are classified into Internet payments, SMS payments, Direct carrier billing, and Mobile banking.

By deployment, the market is segmented into on-premise, on-cloud and hybrid.

By organization size, the market is sub-segmented into SMEs and large enterprises

By vertical, the market is classified into BFSI, IT & Telecommunication, Retail & E-commerce, Media & Entertainment among others.

By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.

Regional analysis

Market Research Future (MRFR) has covered following countries in regional analysis of mobile payment technologies market - U.S, Canada and Mexico in North America. Germany, U.K, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America Market in the Rest of the world.

North America is leading the market of mobile payment technologies globally attributed to one of the largest markets for smartphone consumption after China, and presence of key players such as PayPal, Google, BlueSnap, and Global Payments among others. Further, developed economy, developed infrastructure, increasing market growth of digital and mobile commerce and developed baking industry are some other prime factors which are supporting the dominated market of mobile payments in North America.

Asia-Pacific is the second highest revenue generated market of mobile payment technologies and is projected to witness fastest growth rate during the forecast period. Developing digital technology, increasing rate of smartphone adoption, increasing adoption of online or mobile payment modes, and developing payment infrastructure are some of the prime factors which are expected to drive the market further.

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Intended Audience

• Mobile Payment Solution and service providers


• Government


• Financial Institutes


• PoS device manufacturers


• Software developers


• Credit/Debit/Smart card vendors

LIST OF TABLES

Table 1 Mobile Payment Technologies market, by Region, 2018–2023

Table 2 North America: Mobile Payment Technologies market, by Country, 2018–2023

Table 3 Europe: Mobile Payment Technologies market, by Country, 2018–2023

Table 4 Asia-Pacific: Mobile Payment Technologies market, by Country, 2018–2023

Table 5 Rest of the World: Mobile Payment Technologies market, by Region, 2018–2023

Continued……

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