BANGALORE, India, July 8, 2020 /PRNewswire/ -- Mobile phones (especially smartphones) have become an important commodity to an individual with the increasingly growing global economy. Similarly, for many people, the internet has become a part of life as well. This has increased the penetration of smartphones and internet users worldwide causing the mobile payment market to expand.
The mobile payment market size was valued at USD 601 Billion in 2016, and is projected to reach USD 4,574 Billion by 2023, at a CAGR 33.8% from 2017 to 2023
The report focuses on growth prospects, restraints, and market analysis. The study provides Porter's five forces analysis of the mobile wallet industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
The increase in demand for easy and hassle-free purchase of goods and services leads to increased consumer preference over digital and cashless payments. This growing consumer preference is expected to increase the mobile payment market size during the forecast period.
Most governments encourage banks to develop infrastructure in rural areas to allow safe and secure mobile payments, which is a huge opportunity for vendors. Such public and private initiatives are expected to fuel the growth of the mobile payment market size during the forecast period.
The growth of the e-commerce industry is expected to increase the mobile payment market size. With the rising number of omnichannel vendors worldwide, especially in Asia-Pacific countries such as India and China, the mobile payment market is expected to proliferate during the forecast period.
However, closing the gap between awareness and adoption of this technology is a major challenge for this industry.
Increasing integration and implementation of artificial intelligence in mobile payment for better customer experience and secured mobile transactions are expected to increase the mobile payment market size during the forecast period. AI can manage the automated process of payment and number verification. As AI can detect patterns, it can be useful in detecting fraudulent activities.
Based on application, the retail sector occupied the largest mobile payment market share in 2016. With the introduction of hotels and car rental apps, the hospitality & transportation segment is expected to witness the fastest growth rate reaching USD 1,087,662 Million by 2023.
Asia-Pacific held the largest mobile payment market share in 2016 and is expected to dominate during the forecast period as well. This dominance of the Asia-Pacific region is attributed to its high mobile penetration platform for e-commerce transactions
Because of substantial market growth, the companies are investing rigorously in mobile payment technology. In the Indian market, for example, WhatsApp is working with ICICI bank to implement mobile payment features through UPI (unified payment interface). Several global players have developed new strategies to broaden their reach and gain a greater share of the global mobile payment market.
Some of the top companies analysed in this report are:
The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
Mobile devices make it easy for consumers to make payments; they act as a new channel for dealers and financial institutions to connect with their customers. These advantages are expected to fuel the growth of the mobile wallet market size.
Some of the top companies in the mobile wallet market are, Amazon Web Services Inc., American Express Banking Corp., Apple Inc., Alipay.com, AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., Samsung Electronics Co., Ltd., and VISA Inc.
● COVID-19 Impact on Remote Mobile Payment Market Report
The solicitation of proposals by the governments and public–private companies across the world to mitigate the impact of the COVID-19 pandemic is the key factor propelling the growth of the Global Remote Mobile Payment Market size.
The growing popularity of mobile devices and the increasing number of online consumers is expected to drive the demand for e-commerce. The near field communication technology is extensively used in pay terminals using mobile devices.
● Covid-19 Impact on Mobile Wallet and Payment Technologies Market Report
This report provides a complete quantitative data and qualitative analysis on the global market for Mobile Wallet and Payment Technologies. The market size is analysed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.
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