ID: MRFR/ICT/2146-HCR | February 2021 | Region: Global | 100 pages
The Mobile Payments Market is one of the fastest emerging markets of recent times and will project to optimum levels in the near future. The market statistics show that the estimated valuation of the market will reach around USD 11.85 billion towards the end of 2030, with a CAGR of 29.5% during the forecast period (2021-2030).
Mobile payments are the digitalized form of paying cash and acts as a cashless medium for daily transactions in the modern world. The technological advancements in making payments in a digital way reflect the greater potential of the market. Here users make immediate payments utilizing their smartphones. The progressive technology is grasping everyone’s attention and fulfills the immense demand for cashless payments, which results in the escalation of the mobile payments market demand. As per the mobile payments industry analysis, the constant innovations and developments in technology are the most important driving force of the market growth.
The rapid adoption of technological advancements such as near field communications or NFC is pushing the growth of mobile payments industry share upwards. NFC allows access to users for connecting two electronics devices by just bringing them closer to each other. According to the market research, the market is prospering all across the globe as it makes the process extremely convenient to use and is quite user-friendly. Recent developments in the market trends have surged the demand for mobile payments and reformed the minds of people for more digitized payments without the usage of cash. The market offers a secured approach for payments makes payments at fingertips.
In today’s world, everyone wants processes to become faster in every field; therefore, they need payments that are secure as well as faster. The speed that the mobile payments market provides is rapid than any other medium, which makes it suitable for day-to-day use and for daily transactions. All these advantageous features of mobile payments are boosting the expansion of mobile payments industry size all around the world.
The mobile payments market report elaborates on the structure of the market along with the anticipated growth rate and market valuation during the forecast years. It consists of an analysis of the effect of COVID19 on the mobile payments industry It gives an idea about the market dynamics, including the challenges and opportunities affecting the mobile payments market growth. The mobile payments industry research report describes the segments and sub-segments of the market and explains the key market players that have a major impact on the mobile payments industry growth. It sheds light on different geographical areas which will influence the market size in the upcoming years.
Mobile Payments Market COVID19 Analysis
The COVID19 pandemic outbreak created havoc all over the world in terms of both finances and health. The global economy is immensely impacted by the emergence of the coronavirus epidemic, and the economic growth rate has declined to such levels that it never went earlier. The worldwide economy will take many more years to become stable again. During the pandemic, the working sector and businesses became unable to function properly, which resulted in heavy financial loss. The lockdown measures restricted the operation of industries and closed the manufacturing units for an indefinite time period. However, the mobile payments market was witnessed to have a greater growth as people opted for cashless transaction facilities more.
In the lockdown, most people stayed at their homes and required a payment medium without going outside. The speed and convenience that mobile payments provide elevates the market demand during the pandemic and will also project growth in the future time.
Mobile Payments Market Dynamics
The mobile payments market is surging at a rapid pace over the past years and is expected to soar up to greater heights in the coming years. Mobile payments are enabling users to make cashless transactions at the fingertips without any hassle, and these features are sufficient for pushing the market growth. The requirement of new technologies for making payments cashless and digitized is helping in the progression of the market demand. The modern world is heavily dependent on advanced devices and technology, which enhances the potential of the mobile payments industry. As per the market research, the market demand is rising due to the convenience of use and the user-friendly feature. Nowadays, everyone has a smartphone; therefore, it becomes easy to pay through their mobiles and not through cash.
Rapid adoption in technologies of market trends is enhancing the usage of mobile payments. Technologies like near field communications or NFC helps in establishing a connection between two electronics systems by just bringing them closer to each other. The secured approach in mobile payments is a major source for expanding the mobile payments industry share. Increased speed of mobile payments is escalating the market demand and fuels the growth of the market.
With the emergence of rapid digitization all over the world, the usage of mobile payments is also increasing. The mobile payments market is reaching stupendous levels due to the rising adoption of cashless systems of payment and transactions. Using mobile payments is extremely easy and convenient and can be used any time without any trouble or delay. The real-time payment facility and secure approach are some mobile payments industry opportunities that can exhilarate the market potential in the upcoming years. Online payments through bank cards and mobile wallets are becoming new market trends that propel the growth of the market share. Different modes of the transaction also enable the user to use their convenient modes for making digitalized payments. All these mobile payments industry opportunities are quite enough for prompting the mobile payments market growth to extreme points in the forecast years.
The advent of the coronavirus epidemic has largely impacted the mobile payments market. During the pandemic, the businesses and working sectors faced challenges in operating day-to-day functions, which incurred heavy financial losses, and the financial crisis happened as the pandemic consequence restrained the growth of market share. However, the market growth rose as soon as the demand for cashless and digitized payments increased. This helped the market to maintain steady growth even in these critical circumstances.
There are several mobile payments market opportunities that project the growth of the market. However, certain limitations constrain the potential of the mobile payments market. The mobile payments industry statistics show that the vulnerability of mobile payments for cyber-attacks hampers the market growth. Technical issues are another challenge that can hinder the expansion of the global market size.
According to the mobile payments market analysis, the market revenue generation over the last couple of years is reflecting the tremendous growth of the market. Towards the end of 2023, the market share will attain such momentum that it will exceed every past historical growth. The mobile payments industry statistics represent that within in few years, the market will progress to the highest levels, and the value will improve to way higher rates.
Mobile Payments Market Segment Overview
The mobile payments market is divided into various segments on the basis of mode of transaction, mode of payments, and end-user application. The mode of transaction segment of the market includes wireless application protocol or WAP, short message service or SMS, and near field communication or NFC. On the basis of mode of payments, the mobile payments industry segmentation comprises mobile money and mobile wallet or bank cards. The market segmentation on the basis of end-user applications involves education, healthcare, retail, hospitality, entertainment, and several other sectors.
Mobile Payments Market Regional Analysis
The mobile payments market analysis is studied in different geographical regions such as North America, Asia-Pacific, Europe, and other parts of the world. Asia-Pacific region is rapidly growing as the awareness for mobile banking and wallets is escalating. Improved technological advancements and usage of wearable devices, as well as NFC, are enhancing the mobile payments Industry growth. Technological advancements in the European region help it to dominate the global market share.
Competitive Landscape of the market
The major key players of the Mobile Payments Market are:
Frequently Asked Questions (FAQ) :
The global Mobile Payments market is anticipated to reach revenue generation of 11.85 trillion by 2030
The global Mobile Payments market is projected to witness substantial growth at a CAGR of 29.5% over the review period of 2021-2030.
A few major players of the Mobile Payments market are Samsung Group (South Korea), Paytm (India), Square, Inc. (U.S.), MasterCard Incorporated (U.S.), among others.
The benefits of mobile payments such as the convenience of use, secured approach, speed and offers attached to it, are expected to drive the market over the review period.
Mobile payments market in Asia Pacific region is anticipated to show a lucrative growth over the forecast period