Mobile payment technologies market is projected to record more than 20% growth rate during the forecast period and expected to reach US$ 80 Bn by 2031.
Mobile based payments are fast, safe, and convenient. That’s the reason they have become the most popular way to accept in-person payments. By the end of 2020, mobile payment volume will have exceeded half a trillion US dollars.
Some of the common ways to send and receive mobile payments are mobile browser-based payments, in-app mobile payments, mobile or wireless credit card readers, and contactless mobile payments or mobile wallets.
There are several types of mobile payment technologies including NFC Payment, mobile wallets, Bluetooth-enable mobile payments, Sound Wave-based Payments, Magnetic Secure Transmission and among others. Increasing growth of e-Commerce and rise in adoption of mobile wallet technologies is expected to drive the market growth in the coming years.
Mobile payment technology has continued to evolve around the world. The technology is highly adopted among number of industries, including retail, hospitality, financial and others.
Mobile payments are increasingly being used by shoppers as customers become more comfortable with the technology. Mobile payments will be a catalyst for higher mobile-commerce sales. According to recent research, consumers shop more frequently when they use mobile payments and spend over 100% more money through digital channels.
According to ComprarAcciones.com, demand for mobile contactless payment options has soared in recent years, majorly driven by coronavirus pandemic. According to report, the market is up 24% year-on-year and a 107% growth rate in two years.
By the end of 2021, the total transaction value is estimated to be $2.489 trillion. That will be 24% higher than the 2.008 trillion recorded in the previous year. Thus, the unstoppable rise in mobile payment across the globe is expected to drive the growth of mobile payment technology market.
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Mobile payment technology is rapidly evolving, with several innovations being explored to shape the future of how customers make digital payments through mobile payment gateways.
The technology is revolutionize the way consumer make payments, as it merges newer technological innovations, such as wearables, biometrics, and the blockchain technology.
According to Juniper Research, biometric authentication will be used to secure $2.5 trillion worth of mobile payment transactions by 2024, an increase of almost 1,000% on the $228 billion expected to be transacted through the method by the end of 2019.
Moreover, the Blockchain-empowered payments and digital currencies are additionally on the ascent. Using blockchain technology, payments will become truly instant, as using blockchain network one could send money to anyone who lives across the world. In just a matter of seconds, the person can access these funds on their smartphone. Thus, the adoption of advance payment and security technologies in mobile payments in expected to drive the market growth.
U.S. is anticipated to constitute a major share in the North America mobile payment technologies market during the forecast period. Mobile payments spread to North America and experienced considerable growth, this is due to rise in adoption of Near Field Communication contactless payment technologies.
Merchants in the country prefer mobile payments or contactless payment over the traditional payment methods. This is attributed to the easy accessibility of smartphones and wearable payment devices that makes every transaction seamless.
Moreover, the country is the most significant revenue contributor to the global mobile payment technologies market, owing to availability of faster, easier, more secure, and convenient mobile transactions through mobile payment technologies.
India’s push toward cashless payments accelerated in 2019. India had been moving toward wider use of mobile payments. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods in the country.
Mobile payment technologies in India has been identified as an ideal solution to spearhead the transformation from cash-based to cashless solutions. India is estimated to see tremendous growth in the transactions of mobile payments in terms of value, more so including the impact of COVID-19. This figure includes reaching nearly 660 million Indians. Incidentally, the country will contribute about 2.2 percent to the world’s digital payment market.
Some of the leading vendors offering mobile payment technologies products include
These vendors have adopted various key strategies, to increase their customer base locally and globally. The vendors are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced cloud based contact centers to effectively design customer centric engagement systems.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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