Mobile Payment Technology Market
There are various types of mobile payment technologies that are playing an important role in modifying the consumer’s payment method along with transforming the global payment industry.
Rapidly increasing Smartphone penetration globally is primarily driving the growth of mobile payment technology market. Consumers are shifting towards mobile payments from traditional cash transactions considering the advantages offered by technology such as quick payment processing and perks offered by major brands. Other benefits offered by this technology are the commencement of payment irrespective of the time and place of transaction. Increasing adoption of mobile wallets and various banking apps that provide an enhanced security level by sending an OTP/2FA to the user is anticipated to trigger the mobile payment technology market growth. It has been estimated that mobile wallets will surpass the use of both debit and credit cards by 2020.
The global usage of smartphones by population was around 50% in 2017 and is expected to reach 66% by 2022,i.e., around 3.8 billion people will use smartphones by 2022. Escalating growth trajectory of mobile phone users is projected to drive the mobile payment technology market in the forecast period. Introduction of numerous mobile payment applications based on Android and iOSoperating platforms by third-party providers to easily accommodate payment process is another factor that is likely to fuel the growth trajectory of the mobile payment technology market in the upward direction.
Consistently increasing internet users in developing countries of the world is projected to contribute considerably towards the mobile payment industry. Security concerns related to mobile payment processing can hamper the growth of the market. According to a survey, 47% of the cyber security personnel have cast doubts regarding payments made through mobile devices. However, providing a high level of security by means of biometric access and trending digitization of the global payment industry is expected to open new growth avenues for the mobile payment technology market over the years ahead.
Global mobile payment technology market is segmented on the basis of payment mode, technology, applications, and regions. Payment mode segment is classified into proximity payment and remote payment mode. Remote payment sub-segment is projected to have a substantial share in the forecast period. Technology segment is fragmented into NFC, QR code, WAP &card-based, digital wallet, banking app-based, SMS-based/DCB, and others [USSD/STK, MST, etc.]. Digital or mobile wallet segment is anticipated to have lucrative growth during the estimated period. BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others [education, government]isthe application landscape of the global mobile payment technology market. The retail industry is prognosticated to have a significant share in the global market. The regional segmentation is divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
Major players operating in the global mobile payment technology market are Google Inc., Visa Inc., American Express Co., Fortumo, BhartiAirtel Ltd., MasterCard International Inc., Microsoft Corporation, Boku Inc., PayPal Inc., and AT&T Inc. Launching of advanced technological applications is one of the primary strategies adopted by the leading players of the market.