FEATURED COMPANIES
- Alipay (Ant Group)
- Bank of America
- FIS
- LevelUp (Grubhub Inc.)
- One97 Communication
- Samsung Electronics
The global mobile payment market reached a value of US$ 1,786 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 6,007 Billion by 2027, exhibiting at a CAGR of 22.13% during 2022-2027. Keeping in mind the uncertainties of COVID-19,we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Since mobile POS systems do not save the user’s data on the merchant’s POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.
The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users. Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer’s personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.
WAP (Wireless Application Protocol) exhibits a clear dominance in the market.
Retail accounts for the majority of the total mobile payments market share due to the increasing preference for contactless payments. Since the use of these payments minimizes the hassle related to dealing with cash, they are widely being preferred by retailers on the global level. Consequently, retail players are now providing customers with QR code displays to further reduce the transaction time and offer enhanced convenience to both the parties involved.
Asia Pacific holds the leading position in the market. This can be accredited to the high adoption rates of smartphones and the increasing trend of digitization in the region, supported by the emergence of new e-commerce portals and the favorable initiatives undertaken by governments of various countries.
The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players. Some of these top mobile payment companies include FIS, Gemalto (Thales Group), MasterCard, Alipay (Ant Group), Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp (Grubhub Inc.), MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo (PayPal, Inc.) and ZipCash Card Services.
1. What was the size of the global mobile payment market in 2021?
2. What are the key factors driving the global mobile payment market?
3. What has been the impact of COVID-19 on the global mobile payment market?
4. What is the breakup of the global mobile payment market based on the mode of transaction?
5. What is the breakup of the global mobile payment market based on the application?
6. What are the key regions in the global mobile payment market?
7. Who are the key players/companies in the global mobile payment market?
8. What is the expected growth rate of the global mobile payment market during 2022-2027?
Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Since mobile POS systems do not save the user’s data on the merchant’s POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.
- Improving Networking Infrastructure Catalyzing Mobile Payment Market Growth
The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users. Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer’s personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.
- Integration with Innovative Technologies Creating Numerous Growth Opportunities
- Growing Preference for Contactless Payments Amid Pandemic Outbreak
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global mobile payment market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on mode of transaction and application.Breakup by Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near field communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
- Others
WAP (Wireless Application Protocol) exhibits a clear dominance in the market.
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Retail accounts for the majority of the total mobile payments market share due to the increasing preference for contactless payments. Since the use of these payments minimizes the hassle related to dealing with cash, they are widely being preferred by retailers on the global level. Consequently, retail players are now providing customers with QR code displays to further reduce the transaction time and offer enhanced convenience to both the parties involved.
Breakup by Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Asia Pacific holds the leading position in the market. This can be accredited to the high adoption rates of smartphones and the increasing trend of digitization in the region, supported by the emergence of new e-commerce portals and the favorable initiatives undertaken by governments of various countries.
Competitive Landscape:
The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players. Some of these top mobile payment companies include FIS, Gemalto (Thales Group), MasterCard, Alipay (Ant Group), Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp (Grubhub Inc.), MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo (PayPal, Inc.) and ZipCash Card Services.
Key Questions Answered in This Report
1. What was the size of the global mobile payment market in 2021?
2. What are the key factors driving the global mobile payment market?
3. What has been the impact of COVID-19 on the global mobile payment market?
4. What is the breakup of the global mobile payment market based on the mode of transaction?
5. What is the breakup of the global mobile payment market based on the application?
6. What are the key regions in the global mobile payment market?
7. Who are the key players/companies in the global mobile payment market?
8. What is the expected growth rate of the global mobile payment market during 2022-2027?
Frequently Asked Questions about the Global Mobile Payment Market
What is the estimated value of the Global Mobile Payment Market?
What is the growth rate of the Global Mobile Payment Market?
What is the forecasted size of the Global Mobile Payment Market?
Who are the key companies in the Global Mobile Payment Market?
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Alipay (Ant Group)
- Bank of America
- FIS
- LevelUp (Grubhub Inc.)
- One97 Communication
- Samsung Electronics
1 Preface3 Executive Summary
2 Scope and Methodology
4 Introduction
5 Global Mobile Payment Market
6 Market Breakup by Mode of Transaction
7 Market Breakup by Application
8 Market Breakup by Region
9 Competitive Landscape
List of Figures
List of Tables
Note: Product cover images may vary from those shown
- FIS
- Gemalto (Thales Group)
- MasterCard
- Alipay (Ant Group)
- Visa
- Apple
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- LevelUp (Grubhub Inc.)
- MobiKwik
- One97 Communication
- Orange
- Oxigen
- Square
- Venmo (PayPal Inc.)
- ZipCash Card Services.
Note: Product cover images may vary from those shown
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