The global mobile payment market is estimated to arrive at USD 273.1 billion by 2028. It is projected to develop by 31.8% CAGR from 2021 to 2028.
The increasing speed of infiltration for the smart phones as well as the rising global inclination for contactless expenses are the factors, estimated to impel the enlargement of the market for mobile payment, during the forecast period. Furthermore, the sustained incorporation of biometric verification into the mobile payments is encouraging the expansion of the market.
In accordance with a report, published by Biometric Update, the function of biometrics in app sourced purchase, in mobile trade as well as in payments through mobile device are the factors, estimated to materialize the market of value USD 3.0 trillion, by 2025.
The eruption of the Covid-19 pandemic is likely to contain a constructive effect on the mobile payments market. The limitations forced by the diverse governments, all through the world, on movements of the citizens as a piece of the efforts to seize the increase of corona virus plus the rising inclination between the persons to stop at house due to the pandemic, have mainly initiated an exemplar shift in the shopping activities of the customers.
Usually, the customers are making an effort to evade every physical acquaintance, whilst doing the payments as well as have a preference for the contactless expenditure on the point of sale. In line with the information presented by East West Bank, in the U.S., the use of contactless payment method has augmented by 150.0%, during the year 2020. Besides, 87.0% of the clients have chosen for utilizing the alternative of contactless payment, at the time of shopping in stores. This is increasing the market for mobile payment.
Further key findings from the report suggest:
• The Asia Pacific held the biggest revenue share of the global market, in 2020. Growing usage of smart phones, intended for online shopping of parceled foodstuff & beverages, is moving the market, within the region
• As a result of the increasing acceptance of the payment resolution, founded on Bluetooth connectivity, NFC, and Wi-Fi, the proximity payment sector is anticipated to record the maximum CAGR, during the forecast period
• Attributable to the increasing inclination for the NFC sourced payment resolutions between the clients as well as merchants, the near field communication section is expected to record the maximum CAGR, during the forecast period
• The Retail & E-commerce sector is likely to appear as the highest growing sector during the forecast period, due to the rising joint ventures between retailers and the sources for the mobile payment
• The B2C sector is expected to record the maximum CAGR, throughout the prediction period, due to the rising usage of the mobile instruments for creating individual payments
Million Insights segmented the global mobile payment market based on End Use, Location, Payment Type, Technology, and Region.
Mobile Payment Technology Outlook (Revenue, USD Billion, 2016 - 2028)
• Near Field Communication
• Direct Mobile Billing
• Mobile Web Payment
• Interactive Voice Response System
• Mobile App
Mobile Payment Type Outlook (Revenue, USD Billion, 2016 - 2028)
Mobile Payment Location Outlook (Revenue, USD Billion, 2016 - 2028)
Mobile Payment End-use Outlook (Revenue, USD Billion, 2016 - 2028)
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
Mobile Payment Regional Outlook (Revenue, USD Billion, 2016 - 2028)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Various companies for mobile payment market are:
• WeChat (Ten cent Holdings Limited)
• Samsung Electronics Co. Ltd.
• Money Gram International
• American Express Company
• Amazon.com Inc.
• Google (Alphabet Inc.)
• Visa Inc.
• PayPal Holdings Inc.
• M Pesa
• Apple Inc.
• Alibaba Group Holdings Limited