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Mobile Payment Market Segments: by Industry Size (large enterprises, SMBs); by Transaction Mode (Short Message Service, Near-Field-Communication, and Wireless Application Protocol) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Mobile Payment Market is to reach USD 21,254 billion by 2030, which is valued at USD 1494.78 billion in 2020 at a compound annual growth rate of 27.3%.
Mobile payments mean purchases or transactions made by the regulatory authorities through a mobile device under financial supervision. The service offers conventional options, including credit cards, inspections, and cash, that provide end-users with a high level of facilities. It is the method of digitally paying for a good or service to be procured. Mobile payments do not require hard cash, and transactions are made electronically. With the introduction of emerging technologies such as blockchain, machine learning, and artificial intelligence (AI), the penetration of mobile payments and technology transformation redefined digital payments. These innovations can make transactions more seamless and safer, and the digital payment industry is expected to deliver immense opportunities. Modernizing traditional domestic payment infrastructure will play a significant role in the future development of the digital payment market.
Mobile Payment market to surpass USD 21,254 Billion by 2030, which is valued at 1494.78 billion in 2019 at a compound annual growth rate of 27.3%. More smartphones are anticipated to fuel the market over the forecast period, combined with high Internet penetration. Further growth in the market is anticipated to augment the better availability of mobile wireless payout applications. Also, many governments worldwide are implementing digital payment initiatives. The Indian Government, for example, has introduced the Digital India initiative to encourage the country's digital payment methodologies and cashless transactions.
Source: Fatpos Global
Global Mobile Payment Market has been segmented based on size, transaction mode, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
Large enterprises are anticipated to grow at a CAGR of over 27.3% from 2019 to 2030
Global Mobile Payment Market is segmented by size into large enterprises, SMBs Due to the growing usage of safety solutions to prevent critical information, SMBs are also anticipated to experience significant growth over the forecast period. Organizations of all sizes are moving to digital transactions to reduce the burden on their IT support workers, lower costs and provide advanced service. Mobile Payment has been rapidly embraced and security companies have developed comprehensive cloud-based security solutions.
Short Message Service dominated the market with 27.3% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Mobile Payment market is segmented by transaction mode into Short Message Service, Near-Field-Communication, and Wireless application protocol. SMS payment is a way of paying for goods and services by sending a mobile text message. SMS payment is the most common and preferred form of making mobile pay as customers only need the use of a smartphone with text message functionality. These transaction payment gateway systems have a virtual terminal. These systems contribute to the authentication and authorization of payment proof between the vendor and the customer. The cost of the transaction is added to a client bill monthly or deducted from the prepaid balance by the telephone operator. In Europe, SMS transfers are used for parking and to purchase buses and trams in comparison to the United States. Given the fact that SMS payments are dominant in the mobile payment market, people purchase food, drink, and taxi services with this app.
Source: Fatpos Global
Faster and better consumer experience:
Companies invested in new technology to meet the fast-changing market climate and have improved customer service. Mobile payments offer valuable data for consumers that companies can help influence future strategies. The enhancement of consumer service and increased trading profits is driven by digital payments. The transaction data collected from Mobile payments provide retailers with specific consumer insights and help to improve various business aspects, including marketing, promotional, and customer service choices.
Smart devices and internet penetration:
More smartphones are anticipated to fuel the market over the forecast period, combined with high Internet penetration. Further growth in the market is anticipated to augment the better availability of mobile wireless payout applications. In addition, many governments worldwide are implementing digital payment initiatives. The Indian Government, for example, has introduced the Digital India initiative to encourage the country's digital payment methodologies and cashless transactions.
Lacking the standard level
The number of organizations buying goods and services worldwide increased year after year in cross-border trade. Mobile payment services are, however, unable to obtain a competitive advantage, given the lack of a single standardized global payment system, the lack of common standards, and diverse regulatory regulations. Countries have numerous payment rules and compliance with data storage that render unsustainable payments across borders. Furthermore, the national payment system is not for cross-border payment purposes.
North America is anticipated to dominate the market with XX% market share in 2019 growing at a CAGR of % over the forecasted period.
North America held the largest industry in 2019 with a share value of US$ XX billion. There are a great number of mobile payment solution providers in the area as a result of the growth in the industry. Possible factors driving the demand are the growth of the mobile trading industry and the growing digital economy in North America. Different factors such as trustworthy broadband and network infrastructure, consumer readiness, cashless payment desires, and the banking system in Canada contribute widely to the country's higher cashless transactions.
Asia Pacific: China, Japan, India, and the Rest of Asia Pacific
Europe: Germany, the UK, France, and the Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and the Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Source: Fatpos Global
The key players invest strictly in mobile payment technology resulting in significant market growth. Various global players have established new strategies for extending their reach and capturing a larger share of the worldwide smartphone market. The market in mobile payments is extremely competitive and the players in the market depend on developing technologies. Service extensions would promote competition among firms. The vendors increasingly concentrate on fusions and sourcing to capture significant market shares.
For instance, American Express will give customers mobile payment solutions in collaboration with PayPal holdings. Inc. The company can provide advanced and enhanced features for this technology. In this partnership, Amex payments can be made by users via PayPal.
Business organizations, particularly in highly affected countries, permit their staff to work from their own homes to guarantee business continuity in the middle of the COVID 19 crisis. The greater demand for online media consumption, downloading, and interaction using video conferencing has increased due to the number of people working from home. Concerning work and adaptable styles, COVID-19 is to stimulate the demand for communication services aimed at improving work-life balance. In the face of this disease outbreak, leading telecommunications regulators have delayed their plans for 5 G spectrum bidding. The continuing disease outbreak has forced telecom operators around the world in particular on the 5 G technology to evaluate and readdress their network resilience.
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