ALBANY, New York, February 7, 2017 /PRNewswire/ --
The leading players in the global mobile payment technologies (MPT) market are MasterCard International Inc., Visa, Inc., and American Express, Co. These players are expected to dominate the global market with their persistent efforts to expand their geographical reach and increasing their product offerings with mergers and acquisitions. Companies will also focus on developing cloud-based payment technologies secure and safe to lure in a bigger user base over the next few years.
According to the research report, the global MPT market was valued at US$338.72 bn in 2015 and is expected to be worth US$1,773.17 bn by the end of 2024. Between the years of 2016 and 2024, the global market is expected to progress at a CAGR of 20.5%.
Download PDF brochure for this Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=157
Asia Pacific becomes Frontrunner in Global Market as Governments Promote Cashless Economies
On the basis of type, the global MPT market is segmented into proximity payment, which includes near field communication (NFC) and QR code payment and remote payment, which includes options such as SMS-based, USSD/STK, direct operator billing (credit/debit-card based), and digital wallet. Of these, the proximity mobile payment technologies will be the preferred choice of consumers. This segment is slated to rise at a CAGR of 21.9% between 2016 and 2024. Analysts attribute this growth to the growing demand for NFC payments in the near future.
In terms of geography, the global MPT market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. In terms of revenue, Asia Pacific has been leading the pack as is poised to acquire a share of 42.5% in the global market by the end of 2024. The relentless efforts taken by the governments to promote a cashless economy is expected to boost the regional market.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/mobile-payments-market.htm
Digitalization of Commerce to Benefit Global Market
The global market for mobile payment technologies is expected to witness a definite boost in the coming few years due to the increasing uptake of smart technologies. The rise of communication technologies and growing demand for simpler payment options are estimated to fuel the demand for mobile payment technologies in the coming few years. Digitalization of commerce and initiatives to create cashless economies is also expected to play a key role in the development of the global market. The market is also expected to benefit from the rapid development of payment technologies that has changed business expectations for payments. Mobile point-of-sale, wearable devices, and near-field communication are collectively expected to lure in increasing number of consumers during the forecast period.
Lack of Awareness about Mobile Payment Technologies Creates Hurdle for Global Market
Despite the terrific rise in the global market, there are a few hurdles that are likely to restrain its growth. The factors that are likely to hamper the growth of the global MPT market are lack of consumer interest in adopting newer technologies. The lack of awareness amongst consumers about mobile payment services and the features of simple payments that mobile phones can offer is also acting as a major concern for service providers. Furthermore, limited usage of mobile phones in rural areas of developing countries and emerging economies is also projected to have a negative impact on the global market in the near future.
This review is based on Transparency Market Research's report, titled "Mobile Payment Technologies Market (Type - Proximity Payment (Near Field Communication and QR Code Payment) and Remote Payment (SMS-based, USSD/STK, Direct Operator Billing (Credit/Debit Card-based), and Digital Wallet); Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, and Travel and Ticketing); End-use Application - Hospitality & Tourism, BFSI, Media & Entertainment, Retail, Healthcare, IT and Telecommunication, and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024."
Mobile Payment Technologies Market, by Type
- Proximity Payment
- Near field Communication (NFC)
- QR Code Payment
- Remote Payment
- Direct operator billing (Credit/debit card-based)
- Digital wallet
Mobile Payment Technologies Market, by Purchase Type
- Airtime Transfers & Top-ups
- Money Transfers & Payments
- Merchandise and Coupons
- Travel and Ticketing
Mobile Payment Technologies Market, by End-use Application
- Hospitality & Tourism
- Media & Entertainment
- Health Care
- IT & Telecommunication
Mobile Payment Technologies Market, by Geography:
> North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
> Asia Pacific (APAC)
- Rest of APAC
> Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
> South America
- Rest of South America
Related Research Reports by TMR:
- Mobile Money Market : http://www.transparencymarketresearch.com/mobile-money-market.html
- Mobile Point-of-Sale Market : http://www.transparencymarketresearch.com/mpos-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
US Office Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
SOURCE Transparency Market Research