Geographically, Mobile Payments market report 2018-2023 offers a comprehensive analysis on major regions such as North America, Europe, Asia Pacific, South America & Middle East and Africa. Mobile Payments market analysis is provided for the international market including development history, competitive landscape analysis, and major regional development status, segmentations with product type and application.
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The mobile payment market was valued at USD 668.12 billion in 2017 and is expected to reach a value of USD 2410.75 billion by 2023 at a CAGR of 23.85% during the forecast period (2018 – 2023).
With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of mobile payment market. The advancements in technology and introduction of various innovative products and services made mobile phones not only a telecommunication device but also as a monetary transferring device.
Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for the vendors. Conversely, closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry. The partnerships between various payment networks and mobile operators to provide mobile payment solutions in the emerging markets is expected to give a significant boost to the industry in the near future.
Exponential Growth in E-commerce to drive the Market
With increasing number of mobile devices all over the globe and high-speed cellular networks, e-commerce industry is in its best shape than ever before. The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale. According to the E-commerce Foundation, in 2017, the e-commerce industry all over the globe made revenue of USD 1.84 trillion out of which a major portion of sales is made via mobile devices. According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices most of the purchases being made form retailer’s app or website. With the increasing number of omni-channel vendors all over the globe, this scenario is expected to more boost to the mobile payments market in the next four years.
Asia Pacific to Present New Opportunities
Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of mobile payment market. In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific). According to Visa, Inc., the company has issued more than 200MM debit cards in 2017 in India. The company also reveals that contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.
On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa, Inc., 79% of the transactions carried out in the country are carried out through electronic medium leaving only a 21% transactions to take place in cash. The company also suggests that there are more than USD 100 billion cash displacement opportunities in the country. Along with these trends, the increasing investments in e-commerce industry of Asia Pacific region coupled with the Tokyo Olympics 2020 scenario are expected to boost the mobile payment market in the region in the next four years.
Key Developments in the Market
• February 2018 – Visa Inc., has announced that fourteen technology partners have joined its Visa Ready for Transit programme, as part of the company’s strategy to promote contactless payments on public transport around the world. Companies from ten different countries are included on the list, along with Vix and Worldline, the initial members of the scheme when it was launched in November 2017
The Major Players include – VODAFONE GROUP PLC., GEMALTO N.V (THALES GROUP), FIS GLOBAL, GOOGLE, INC., BHARTI AIRTEL LIMITED, MASTERCARD INCORPORATED, ORANGE S.A., and MONITISE PLC., among others.
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Major Points Covered in Table of Content of Mobile Payments Market:
Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Mobile Payments Market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market
And Many More….
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