Mobile payments are referred to as payment services operated under financial regulation and performed from or via a mobile device. A consumer can use a mobile phone to pay for a variety of services and digital or hard goods instead of cash, check, or credit card.Customers can use mobile payment services to receive instant money transfers and a secure alternative to cash transactions. Furthermore, payment solutions are becoming more popular as high-speed mobile data networks become more widely available and smartphones become more widely used. The growing market trend is fueled by the digitalization of payment services and the growth of e-commerce businesses.The payment industry is likely to benefit greatly from the digital generation or gen-Z. Moreover, the key market players are offering rewards, redeem points, loyalty points, and other incentives to entice customers to pay via mobile, which is expected to drive the market. Therefore, the surge in demand for the payment system is expected to boost the growth of the mobile wallet and payment industry in the upcomingyears.
The Mobile Wallet and Payment market is segmented on the basis of Payment Type, Transaction Mode, End-User, Payment Nature, Application, Industry Vertical Components, Deployment, Industry Verticaland Region. Based on type, the market is divided into Proximity and Remote. In terms of Transaction Mode, the market is categorized into Mobile Web Payments, Near-Field Communication, Short Message Service (SMS)/Direct Carrier Billing and Others. On the basis of End-User, the market is divided into Personal and Business. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Impact Analysis
Many banks and financial institutions are providing their customers with new digital tools and techniques during the COVID-19 business, where businesses are dealing with operational challenges, among which mobile payment has seen significant adoption. Furthermore, the growing use of smartphones is boosting the mobile payment market growth potential.
Furthermore, many banks and fintech companies have introduced a variety of appealing banking strategies to encourage consumers to use mobile payment, resulting in a plethora of opportunities for the market. As a result of the alarming rise in COVID-19 patients around the world, consumers have adopted mobile payment, positively impacting the market growth.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased adoption of mobile POS and rise in demand for fast & hassle-free transaction services are driving the growth of the market. In addition, growing use of smartphones propels the growth of the market. However, data breaches & security concerns may hamper the growth of the market. On the contrary, growing e-commerce industry is expected to provide lucrative opportunities for the market in the upcoming years.
The globalmobile wallet and paymentmarket trends are as follows:
Increased adoption of mobile POS:
The ability of the smartphone to accept payment on the spot has been fully exploited by mobile point of sale. mPOS is the technology that allows all businesses to eliminate their in-store and brick-and-mortar transactions. As transactions are encrypted and card information is not stored on the mPOS device, liability is limited. This reduces the risk of security breaches while also making it easier and more convenient.Furthermore, biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm customer identities during payment, providing an additional layer of security to mobile money transactions. Not only have these features improved customer satisfaction but also increased revenue.For instance,according to data presented by TradingPlatforms.com, shift toward a cashless societymobile wallet payment emerged assafer and more convenient way of managing money. Therefore, all these factors increased adoption of mobile POS (mPOS) and drive the growth of the mobile wallet and payment market during the forecast period.
Rise in demand for fast & hassle-free transaction services:
As mobile wallet & payment systems provide high-speed &hassle-free services, mobile payment is the preferred method for making or receiving payments. As a result, all types of businesses are drawn to use the mobile platform to market their products and services. Furthermore, telecommunications companies, grocery stores, and retailers are all gradually releasing mobile apps that would help allow customers to shop online from anywhere. Therefore, rise in demand for fast & hassle-free transaction services is driving the growth of the mobile wallet and payment market during the forecast period.
Key benefits of the report
- This study presents analytical depiction of the global mobile wallet and paymentmarket along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the globalmobile wallet and paymentmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions answered in the mobile wallet and payment market research report
- Which are the leading players active in the global mobile wallet and paymentmarket?
- What are the detailed impacts of COVID-19 on the market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities inthe globalmobile wallet and paymentmarket?
- What future projections would help in taking further strategic steps?
Mobile Wallet and Payment Market Report Highlights
By Payment Type
By Transaction Mode
By End User
By Payment Nature
By Industry Vertical
Key Market Players
PayPal Payments Private Limited, Thales Group, PayU, VEON LTD, Crunchbase Inc, VISA, Obopay, Square Capital LLC, Mastercard, Google LLC