According to the GMI Research forecast, the market is projected to grow at a strong rate during the forecast period. The increasing inclination towards smartphones and the accelerating penetration of smartphones are the two major factors that are responsible for the growth of the market in the coming years.
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Mobile payments are also called transactions or payments of money, which are done by an individual. Mobile payment allows the end-user to make payments for buying any good or services with the help of wireless devices which includes smartphone, tablets, and others. Rather than considering traditional methods such as cheques, cash, or credit cards, as a medium of payment, individuals now use a smartphone to make a payment for a large range of services and goods.
The rising inclination towards smartphones, followed by the accelerating penetration of smartphones and mobility, especially in developing economies, are the two significant factors that are propelling the growth of the mobile payment market share in terms of revenue. In addition to this, the rising adoption of mobile phones to support mobile payment services and the increasing availability of high-speed mobile data networks are further surging the growth of the market during the forecast period. The digitalization of payments services, along with the rising e-commerce businesses, are the emerging trends of the market that are opening numerous opportunities for the mobile payment market growth.
The telecommunication providers, retailers, groceries are launching their mobile apps through which individuals can shop online from anywhere as it provides high-speed and hassle-free services. The combination of these factors is further propelling market growth. The retail stores are integrating and opting for mobile payment platforms such as Apple Pay, WeChat Pay, Samsung Pay, PayPal, and AliPay, to accept payments due to expansion in the commercial activities, changing lifestyle, and growth in online retailing. This factor has further boosted the growth of the market. However, the increasing data breaches and security issues in mobile payments are likely to hamper the growth of the mobile payment industry.
The outbreak of the COVID-19 pandemic has encouraged most of the banks and financial institutions to provide their customers with new digital techniques and tools, which in turn, has supported the market growth. Moreover, the rising penetration of smartphones in European countries is providing growth potential for the mobile payment market. Various banks and FinTech industries have introduced various attractive banking strategies for encouraging customers towards the adoption of mobile payment. All these factors are opening new doors for the growth of the mobile payment market size in the coming years. The US mobile payment share is growing due to the rising adoption of mobile payment services in the country.
Key Players of the Global Mobile Payments Market:
• Google LLC
• Samsung Group
• Amazon.com Inc.
• Apple Inc.
• Boku Inc.
• PayPal, Inc.
• Visa Inc
• American Express Company
• Alipay.com
• Obopay
Market Segmentation:
Global Mobile Payments Market Report Segment by Type:
• Proximity Payment
• Remote Payment
Global Mobile Payments Market Report Segment by End-use Industry:
• BFSI
• IT and Telecommunication
• Retail
• Healthcare
• Government
• Media and Entertainment
• Transportation and Logistics
• Other End-user Industries
Global Mobile Payments Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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