The Mobile Payment Technology Market is expected to grow from USD 1449.56 billion in 2020 to USD 5399.6 billion by 2026 at a CAGR of 24.5% from 2020 to 2026.
Mobile payment technology is an alternate method for conventional payment systems wherein cash, cheques, or credit cards are the mode of payment. Mobile Payment enables customers how to get any goods or services with the help of wireless devices such as smartphones, tablets, and various other devices. In addition, mobile payment uses various technologies including NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, for enhancing the security of the transaction and to offer hassle-free transactions. The mobile payment technology market is expanding at a rapid pace over the past years and is projected to soar up to greater heights in the coming years. Mobile payments are allowing users to make cashless transactions at the fingertips without any difficult, and these features are enough for pushing the mobile payment technology market growth. The need for new technologies for making cashless payments and digitized is supporting in the progression of the market demand. The modern world is majorly dependent on advanced devices and technology, which improves the potential of the mobile payment technology industry. In addition to this, the market demand is increasing owing to the convenience of use and the user-friendly feature. Presently, everyone uses a smartphone; thus, it becomes easy to pay through the mobiles and not through cash. Moreover, the rapid adoption in technologies of market trends is increasing the usage of mobile payments. Technologies such as near field communications or NFC helps in developing a connection between two electronics systems simply by bringing them closer to each other. The secured approach in mobile payments is a key source for rising mobile payment technology market share. Increased speed of mobile payments is surging the market demand and boosts the growth of the market. However, the security issues and the risk of loss of crucial data using mobile wallets are hindering the of mobile payment technology market.
Furthermore, with the advent of rapid digitization all across the world, the usage of mobile payment technology is also increasing. The mobile payment technology market is reaching stupendous levels owing to the increasing adoption of cashless systems of payment and transactions. Using mobile payment technology is hassle-free and convenient and can be used any time without any issue or delay. The real-time payment facility and secure approach are few mobile payment technology market opportunities which can exhilarate the market potential in the upcoming years.
The global Mobile Payment Technology Market is segregated on the basis of Transaction as SMS, NFC and WAP. Based on Type of Mobile Payment the global Mobile Payment Technology Market is segmented in Mobile Wallet, Bank Cards and Mobile Money. Based on Application the global Mobile Payment Technology Market is segmented in Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality and Transportation.
The global Mobile Payment Technology Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Mobile Payment Technology Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited and others are among the major players in the global Mobile Payment Technology Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Mobile Payment Technology Market has been segmented as below:
Mobile Payment Technology Market, By Transaction
Mobile Payment Technology Market, By Type of Mobile Payment
Mobile Payment Technology Market, By Application
Mobile Payment Technology Market, By Region
Mobile Payment Technology Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Mobile Payment Technology Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Mobile Payment Technology Market share. Major industry players with significant revenue share include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Mobile Payment Technology Market, By Transaction
5.1. Key Points
5.2. SMS
5.3. NFC
5.4. WAP
6. Mobile Payment Technology Market, By Type of Mobile Payment
6.1. Key Points
6.2. Mobile Wallet
6.3. Bank Cards
6.4. Mobile Money
7. Mobile Payment Technology Market, By Application
7.1. Key Points
7.2. Entertainment
7.3. Energy & Utilities
7.4. Healthcare
7.5. Retail
7.6. Hospitality
7.7. Transportation
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Mobile Payment Technology Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. Orange S.A.
9.2. Vodacom Group Limited
9.3. MasterCard Incorporated
9.4. Bharti Airtel Limited
9.5. MTN Group Limited
9.6. Safaricom Limited
9.7. PayPal Holdings Inc.
9.8. Econet Wireless Zimbabwe Limited
9.9. Millicom International Cellular SA
9.10. Mahindra Comviva
9.11. AT &T’S
9.12. JIO
9.13. Apple Inc.
9.14. Google LLC.
9.15. One97 Communications Limited.
9.16. Venmo
9.17. Vodafone Group Plc
Mobile Payment Technology Market, By Transaction
Mobile Payment Technology Market, By Type of Mobile Payment
Mobile Payment Technology Market, By Application
Mobile Payment Technology Market, By Company