Mobile payments are the transactions that are enabled with mobile telecommunications network that is done with a monetary value with diverse mobile user’s devices, such as mobile terminals, cellular telephones and smartphones. Mobile payment enables transferring of funds in return for goods or services that requires mobile device for confirming and executing payment. Furthermore, mobile payment systems enable consumers to make an immediate payment by using a smartphone. Moreover, increasing number of smartphone users across the globe that is pertaining towards the growth of the mobile payment technologies market.
Insight by Industry
On the basis of industry, the mobile payment technologies market is segmented into IT & telecommunications, government services, travel and hospitality, BFSI, healthcare, retail, media & entertainment, transportation and logistics and others. Among all these segments, retail segment is anticipated to generate largest revenue by 2024 since providers are constantly searching for alternatives that help them in engaging more customers and enhancing their satisfaction level.
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Moreover, apart from paying with card or cash there are several mobile payment options that are availed to the customers by the retail service providers such as Samsung Pay and Apple Pay. These applications enable customers to make quicker payments via an NFC equipped platform. Furthermore, increasing domain of mobile payment in retail domain is thereby bolstering the growth of mobile payment technologies market worldwide.
Increase in adoption of cashless transactions, increasing demand for easy and hassle-free purchase of goods and services, improved communication networks, increasing adoption of smartphone technology and increasing acknowledgment for the need of clean transactions are some of the key factors that are driving the growth of mobile payment technologies market exponentially. With the acknowledgment of the significance of cashless transactions among people, mobile payment technology has widened its reach in almost every segment of the business. May it be consumer to business or business-to-business transaction, mobile payment technology is available for all kinds of transactions, which can further makes the technology more popular.
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Geographically, Asia-Pacific dominates the mobile payment technologies market followed by North America. The increasing revenue of mobile payment technology in Asia-Pacific is attributed towards large population in the region. Furthermore, Asia-Pacific has the highest numbers in the adoption rate of smartphones due to the large population of young generation. Furthermore, increasing initiatives undertaken by the government authorities in China and India towards promotion of cashless transactions has expounded the demand for the mobile payment technologies market in this region.
Key players in the mobile payment technologies market are taking major steps to improve the security for the online payment platforms. These steps include the companies to collaborate with security providers to form a different department to focus specifically on the security issue. Such steps taken by the prominent players give them a competitive edge in the global market. The key players in the mobile payment technologies market are Alipay.com, General Motors Company, MasterCard Incorporated, Samsung Group, Amazon.com, Inc., Apple Inc., Starbucks Corporation, PayPal holdings, Inc., Paytm and Square, Inc.
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