14-Apr-2022 | Zion Market Research
The global mobile payment technology market was worth around USD 40,289.8 million in 2021 and is estimated to grow to about USD 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 34.2 percent over the forecast period. The report analyzes the mobile payment technology market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile payment technology market.
Mobile payment technology has gained massive impetus owing to rapid digitization and increasing technological proliferation on a global scale. Mobile payments are the digitalized form of paying cash in the digital world and are a prominent trend in the fintech industry. Rapid urbanization and digitization will be crucial to mobile payment technology market growth over the forecast period.
Mobile payment technology is gaining massive impetus owing to the rising demand for cashless and digital transactions to avoid the hassle of managing cash. The increasing digitization of the finance and banking sector will also propel mobile payment technology market potential through 2028.
Increasing adoption of advanced and novel technologies will also be a major trend in the mobile payment technology market landscape. Near field communication technologies are expected to see popular demand in the global mobile payment technology market over the forecast period. The increasing use of smartphones and the presence of internet infrastructure will drive digitization and eventually propel mobile payment technology market growth over the forecast period.
Skepticism and security concerns regarding the use of mobile payment technology are expected to have a major restraining effect on the global mobile payment technology market growth through 2028. The mobile payment technology providers are focusing on ensuring security and providing secure payment channels to ensure protection from cybercrime and fraud attacks that have become increasingly prevalent in the global mobile payment technology marketplace
The pandemic of 2020 gave a boost to the adoption of mobile payment technology in multiple parts of the world this kept the mobile payment technology market growth trend afloat in these adverse times when most markets stopped under pressure. Lockdown restrictions to curb the spread of infections led to high demand for contactless payment technology and this subsequently propelled the mobile payment technology market growth.
Browse the full “Mobile Payment Technology Market By Technology (Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, Others), By Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End Use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-Commerce, Transportation, Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/mobile-payment-technology-market
The mobile payment technology market is expected to rise at an exceptional CAGR in the post-pandemic era and this is owing to the high adoption of multiple new payment technologies on a global scale through 2028. Increasing demand for contact less payment solutions and increasing digitization will prominently drive mobile payment technology market demand through 2028.
The global mobile payment technology market is segregated based on type, location, end use, technology, and region. Based on payment type, the mobile payment technology market is segmented into B2B, B2C, B2G, and others. The B2B segment is anticipated to be a highly lucrative one in the global mobile payment technology industry landscape over the forecast period. This segment will be accounting for more than 60% of the global industry landscape.
The market for mobile payment technology in the Asia Pacific region is expected to hold a dominant outlook and is expected to maintain this stance through 2028. Increasing technological proliferation, high use and sales of smartphones developing internet infrastructure, rapid urbanization, and increasing digitization are expected to be prominent trends driving the mobile payment technology market growth in this region. China and India will be the most sought-after markets in this region through the complete forecast period owing to rapid urbanization and digitization among these developing economies.
Key players functioning in the global mobile payment technology market include Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company; M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited)
Global mobile payment technology market is segmented as follows:
By End Use
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