Mobile payment technology (MPT) makes use of cell phones, smart phones or tablets to make instant payments for purchased services and/or products. Depending on the type of payments made, the mobile payment technologies market is divided into remote payments and proximity payments. Furthermore, the remote mobile payment technology market is categorized into USSD/STK, digital wallets, SMS based, and direct operator billing (debit/credit cards). On the other hand, the proximity mobile payment technology market is further categorized into QR code payments and near field communication (NFC). Among the proximity type of payments, NFC segment is expected to lead due to large scale technological developments across the world.
Geographically the global MPT market is divided into four key regions – Asia Pacific, Middle East & Africa, South America and North America. Some of the key players in the global mobile payment technology market are Visa Inc., MasterCard International Inc., American Express Co., Fortumo, Boku Inc., PayPal Inc., Vodafone Ltd., Bharti Airtel Ltd., AT & T Inc., Apple Inc., Google Inc., and Microsoft Corporation.
The total valuation of the global mobile payment technology market stood at US$338.72 bn in 2015 is expected to reach around US$1,773.17 bn by the end of 2024. This estimated growth of the market is expected to be achieved with a healthy CAGR of 20.5% during the forecast period.
Government Encouraging Adoption of Mobile Payment Methods Boosts Market Growth
The mobile payment technology market is expected to grow at an astounding pace in the near future mainly due to the ever-increasing use of smart devices that work on mobile internet. Also, rising popularity of using wearable devices, use of near field communication (NFC) and mobile point-of-sale (m-POS) are proving to be major driving factors for the growth of the mobile payment technology market.
The number of people opting for using smart devices are growing exponentially in emerging countries of the Middle East and Africa and Asia Pacific region. Governments of these emerging economies are encouraging cashless payments and thus, significantly augmenting the growth of the mobile payment technology market. It is also expected that more payments will be made through digital wallets with the help of Internet of Things (IoT) helping the market growth.
Geographically, industry analyst expect Asia Pacific to dominate the global mobile payment technology market in the forecast period and is expected to contribute 42.5% of the total market share by the end of 2024.
Disinterest in Accepting Newer Technologies Present Cause of Concern
Even though the mobile payment technology market is flourishing, there is a disinterest among customers about accepting the new technology. It is one of the big restraining factors for the growth of the market. Consumers are also put off by the delays in transaction and some still prefer to conduct the transaction in the old fashioned ways. Both the customers and merchants are not fully aware of the working infrastructure of the mobile payment technology and that is a cause of concern for the overall growth of the market.
On the flip side, there are plenty of opportunities in market to boost up the growth. Top-end security features, faster and safer transactions, integration of conventional transaction methods in the current working system will attract more users.
This review is based on the findings of a TMR 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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453