The global mobile payments market is estimated to expand at a considerable CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing government initiatives for digitalization, favored by financial regulatory authorities and extensive use of mobile phones supporting applications for online payments mode.
Mobile payments are referred to as the process of transactions or transfer of money through various applications on mobile phone. The transactions are regulated under the control and permission of financial authorities that facilitate various payment methods by using mobile phones between customers and suppliers. These payment methods are convenient to use for an individual or a customer as it avoided and replaced the complex and old fashioned transaction systems, which include using credit and debit cards, cheques, and cash payments. The methods enable an easier way to buy items or avail services using payment through mobile phones and tablets that are employed with advanced technology including near field communication (NFC) to improve secure transactions.
The report on the global mobile payments market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Mobile Payments Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Applications (Retail, Public Transportation, Vendor Machines, Grocery Stores, and Restaurants) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, American Express Co., Orange SA, Tencent Holdings Ltd., and Alipay.com Co. Ltd. |
Based on applications, the global mobile payments market is divided into retail, public transportation, vendor machines, grocery stores, and restaurants. The Retail segment accounted for a key share of the market in 2020 and is anticipated to expand at a rapid pace during the forecast period. The segment growth can be attributed to rising preference for online shopping, increasing number of online payments, and organizational support to enhance mobile payments.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Middle East & Africa is projected to account for a key share during the forecast period owing to rising use of smartphones and the lack of banking access from a large number of population especially in Africa. On the other hand, the market in Asia Pacific is expected to gain significant share during the forecast period owing to rapid growth of online stores and favorable policies from regulatory bodies regarding financial and banking services.
The global mobile payments market has been segmented on the basis of
Some of the key players competing in the market are Google LLC; Samsung Group; Amazon.com Inc.; Apple Inc.; PayPal Inc.; MasterCard PLC; American Express Co.; Orange SA; Tencent Holdings Ltd.; and Alipay.com Co. Ltd. Several players are actively engaged in various market strategies such as mergers, product launches, acquisitions, and expansion of production capacity to increase their market position and expand their customer base.
For instance, in 25 April, 2019, Orange SA announced that it planned to take part its digital transformation in Middle East & Africa to expand its operation.
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