During the forecast period, the mobile payment technologies market is estimated to increase at a CAGR of more than 20%, reaching US$ 80 billion by 2031.
Payments made with a mobile device are quick, secure, and convenient. As a result, they’ve become the most popular method of accepting in-person payments. By the end of 2020, the value of mobile payments will have surpassed half a trillion dollars.
Mobile browser-based payments, in-app mobile payments, mobile or wireless credit card readers, and contactless mobile payments or mobile wallets are all typical ways to transmit and receive mobile payments.
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.
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What is Driving Demand for Mobile Payment Technologies?
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.
Advent of New Technologies in Mobile Payment
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.
US Demand Outlook for Mobile Payment Technologies
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.
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India Demand Outlook for 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.
Who are the Key Mobile Payment Technologies Vendors?
Some of the leading vendors offering mobile payment technologies products include
- Orange S.A.
- PayPal Holdings
- MasterCard Incorporated
- Vodacom Group Limited
- Mahindra Comviva, Visa
- Safaricom Limited
- Mahindra Comviva
- Proximity Payment
- Remote Payment
- QR Code
- WAP & Card-Based
- Digital Wallet
- Banking App-based
- IT & Telecom
- Energy and Utilities
- Retail & CPG
- Media and Entertainment
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.