Global Mobile Payment Technologies Market’s Growth with Worldwide Industry Analysis to 2024
The Infinium Global Research analyzes the Mobile Payment Technologies Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in the global mobile payment technologies market. It will help a lot of decision-makers to develop strategies and find new opportunities in the global markets of mobile payment technologies. The report covers market-changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the mobile payment technologies market during the period. The global mobile payment technologies market is projected to grow at a CAGR of 33.6% over the forecast period of 2018-2024.
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Mobile payment is referred to as a transfer of funds in exchange for goods or services. This payment process is done through smartphones or mobiles and the technology used for completing this task is known as mobile payment technology. The number of users is increasingly adopting mobile payment technology as it is the most efficient way of doing payment for anything. Instead of lading a wallet with cash or credit cards, one can easily make payment with the help of smartphones or mobiles.
Increasing Usage of Smartphones, Tablets, and Mobile is Driving the Growth of Mobile Payment Technology Market
Increasing usage of smartphones, tablets, and mobile is driving the growth of the mobile payment technology market. Further, this technology helps consumers to make an immediate payment by using mobiles. Along with the availability of the internet, this smart device is becoming more popular among consumers. Owing to the comfort of communication and increasing demand for an appropriate transaction with the help of the internet by consumers around the world helps in the adoption of mobile payment technology. On the other side, the risk of losing the financial detail of the card owner at the time of a transaction is limiting the growth of the mobile payment technology market. Besides, the government taking initiatives for promoting digital payment is anticipated to generate new opportunities in the upcoming year for the mobile payment technology market.
Mobile Payment Technology Market: Segmentation
The global mobile payment technologies market is divided into purchase type, type, and end-use application. Based on the purchase type the global mobile payment technology is bifurcated into transfers & payments, airtime transfers & top-ups, merchandise and coupons, and merchandise and coupons. On the basis of by type, the segment is further categorized into Proximity Payment and Remote Payment. Proximity payment is again divided into Near field Communication (NFC) and QR Code Payment. Whereas, Remote Payment is divided into USSD/STK, Direct operator billing (Credit/debit card-based), Digital wallet, and SMS Based. In addition to this NFC, the segment is expected to drive the mobile payment technology market. NFC is a short-range wireless communication technology that exchanges data between devices. NFC helps consumers in making immediate payments with the help of their smart devices and this drives the growth of the market.
Based on endues application the global mobile payment technology is classified into education, it & telecommunication, health care, retail, media & entertainment, BFSI, and hospitality & tourism. The entertainment segment dominated the growth of the market in 2017 and will continue to lead during upcoming years owing to the explosion of smartphones, improved consumer connectivity, advancement in social media and quick product innovations that have driven the digital entertainment revolution.
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The Asia Pacific is Anticipated to Hold the Maximum Revenue Share of the Global Mobile Payment Technology Market
Among the geographies, Asia Pacific is anticipated to hold the maximum revenue share of the global mobile payment technology market followed by North America. Factors such as increasing acceptance of smart devices such as tablets & smartphones and growth in advance payment solutions offered by technology providers drive the growth of the market in the Asia Pacific region. Further, in the North America region increasing adoption of mobile phones in the U.S and growth in the e-commerce market boost the growth of mobile payment technology.
Mobile Payment Technology Market: Competitive Landscape
The key players in the global mobile payment technology market are 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. In November 2017 Orange launched Orange bank. With the help, of this Orange bank consumers can make variations in the payment card, see the transaction in real-time, and unblock & block cards. Further, this Orange Bank also supports Android Pay and Apple Pay.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the mobile payment technologies.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.