DUBLIN–(BUSINESS WIRE)–The “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global mobile payment market reached a value of US$ 1,786 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 6,007 Billion by 2027, exhibiting at a CAGR of 22.13% during 2022-2027.
- Gemalto (Thales Group)
- Alipay (Ant Group)
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- LevelUp (Grubhub Inc.)
- One97 Communication
- Venmo (PayPal Inc.)
- ZipCash Card Services.
Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications.
Since mobile POS systems do not save the user’s data on the merchant’s POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.
The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users.
Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer’s personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.
Numerous vendors are now offering lucrative loyalty and incentive programs on the use of these payments. They are also providing heavy discount coupons and cashback offers on the usage of m-commerce platforms to attract a broader consumer base. This, along with the introduction of pre-payment instruments (PPI) by various non-bank entities to assist in conducting interpersonal transactions, is acting as a major growth-inducing factor for the mobile-payment market. Moreover, key players have introduced easy payment options by scanning a unique barcode or QR code displayed on a banner or smartphone screen.
These payment procedures are integrated with cutting-edge innovations as they enable secured bank-to-bank transfers with reduced transaction time. The market is further driven by the increasing adoption of artificial intelligence with these payment solutions. This integration allows retailers to recognize the buying patterns of their customers that will assist them in providing tailored and targeted services. Moreover, governments of several countries are undertaking initiatives to promote the adoption of digital payment methods, which is anticipated to create numerous growth opportunities in the market. Multiple players with a strong foothold in the global market are also expanding their businesses in untapped regions to create lucrative business opportunities. They are especially targeting developing nations to make digital transformations, thereby creating a positive outlook for the market.
Key Questions Answered in This Report
1. What was the size of the global mobile payment market in 2021?
2. What are the key factors driving the global mobile payment market?
3. What has been the impact of COVID-19 on the global mobile payment market?
4. What is the breakup of the global mobile payment market based on the mode of transaction?
5. What is the breakup of the global mobile payment market based on the application?
6. What are the key regions in the global mobile payment market?
7. Who are the key players/companies in the global mobile payment market?
8. What is the expected growth rate of the global mobile payment market during 2022-2027?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Mobile Payment Market
6 Market Breakup by Mode of Transaction
7 Market Breakup by Application
8 Market Breakup by Region
9 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/5irl8x