Mobile Payments Market - Forecast(2025 - 2032)

As per IndustryARC™ Latest Market Research Report The global 𝐦𝐨𝐛𝐢𝐥𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 size is estimated to be around USD 965.9 billion in 2022 and is projected to reach USD 3.2 trillion by 2032, growing at a compound annual growth rate (CAGR) of over 14.5%.

👉 𝑮𝒆𝒕 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏:@ https://lnkd.in/gDtRunV8

➡ 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

💠 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐌𝐨𝐛𝐢𝐥𝐞 𝐏𝐎𝐒Mobile point of sale has really taken advantage of the #smartphones 's ability to accept #payments on the spot. mPOS is the #technology that frees all #businesses from their brick-and-mortar and in-store transactions. mPOS device limits liability because transactions are encrypted and card information is not stored on the #mpos device, which minimises the risk of security breaches and makes it easier and quicker to comply with regulations. #biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm customer identities during payment, adding another level of security to #mobile #money #payments .

💠 𝐒𝐡𝐢𝐟𝐭 𝐭𝐨 𝐂𝐨𝐧𝐭𝐚𝐜𝐭𝐥𝐞𝐬𝐬 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐝𝐮𝐞 𝐭𝐨 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜

The COVID-19 pandemic has had a significant impact on the mobile money market, as consumers and businesses are forced to change their buying habits. There has been an incredible spike in the adoption of mobile wallets, as contactless payments have become vital for purchases. Avoiding cash and card #transactions to keep COVID-19 from spreading has prompted many subscribers to try out mobile #wallets.

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Report Coverage

The report: “Mobile Payments Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Mobile Payments Market.

By Type of Payments: Remote Payments, Proximity Payments

By Transaction Mode: NFC/Smart card, Direct mobile billing, Mobile web/WAP payments, SMS, STK/USSD, Mobile apps, IVRS, QR codes, Others (Wi-Fi, Bluetooth)

By Payment Nature: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B)

By Application: Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Travel and Ticketing, Merchandise and Coupons

By Industry Vertical: BFSI, Telecom and IT, Media and entertainment, Healthcare, Retail, Travel and hospitality, Transportation and logistics, energy and utilities, Others

By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).

Key Takeaways

• The increasing omnipresence of mobile phones is a driving factor in increasing the number of users of mobile money and changing the dynamics of digital finance solutions. 
• Efficiency in money exchange is one of the major determinants of mobile money technology development. Increasing the efficiency of mobile money transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology. 
• Use of transaction modes such as NFC / smart cards has speeded up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online transactions that can be considered an attraction for the mobile money market. 

Mobile Payments Market Segment Analysis - By Type of Payments

During the forecast period, Proximity Payments segment is expected to grow at a CAGR of 35.7%. Mobile phones and POS devices are used to make the proximity payments. A number of companies currently offer applications allowing proximity payments. It is further referred to as in-store payments with respect to payment through a merchant's POS terminal in the case of a retail store or in-location payments. For short distances and work, proximity payments are specifically enabled when both the payer and the payee are present in the same place. This payment system uses either barcodes or contactless interfaces to initiate the mobile money transaction. This is done through Near-field communication (NFC)-based technology present on an NFC-enabled phone, which has comprehensive details about the mobile wallet placed in the cloud or debit/credit card. This payee information is stored on the device in the POS terminal which is read by the corresponding NFC reader. Proximity payments differ markedly from remote payments, as it involves the presence of payment card details from one's own bank account and does not require any relation with a payment processor to facilitate the transaction. The increasing adoption by brick- and mortar-based companies of mobile payment technologies further drives demand for proximity payments.

Mobile Payments Market Segment Analysis - By Industry Vertical

In terms of industry , the mobile payments market is mainly bifurcated into travel and ticketing, banking, and e-commerce services. Further analysis of each segment indicates banking and travel and hospitality to be the fastest-growing application segment for the mobile payments market, which are projected to grow at a CAGR of 30.2% and 34.8%. Companies like MakeMyTrip, Yatra, Ibibo, Cleartrip (for airlines and hotels), redBus (for buses) are examples of online travel booking companies in India, which are fuelling the mobile payments market, by facilitating booking only through online platforms. A study by India Brand Equity Foundation (IBEF) found that 81% of existing digital payment users in India favour the digital and mobile mediums for banking over other non-cash payment procedures such as demand drafts or cheques.

Mobile Payments Market Segment Analysis - By Geography

North America, which has displayed affinity over the years in adopting newer technologies, is the most lucrative region for the mobile payments market, generating a global demand share of 34.3% in 2020. With several innovative key market players located in North America such as PayPal Holdings, Inc. and Microsoft Corporation, this region is leading the innovative front with development of novel technologies such as contactless payments and near-field communication. A high rate of internet penetration, growth of e-commerce and micropayment options has contributed to the popularity of the mobile payments market in North America.

Mobile Payments Market Challenges

Low Trust in Mobile Payments

Low trust in mobile payments is a major factor which will hamper the market in the forecast period. For instance according to the report given by YourGov, about 43% of the mobile users don’t trust mobile payments and 38% have low confidence on security. Similarly, most of the consumers are reluctant to adapt to mobile payments as contactless payment presents huge unknown risk and fraud like leaked data, hacking and e-wallet vulnerabilities. Moreover less awareness about the benefits of using mobile payments over using cash or credit cards and debit cards for online payment and buying expensive items. All these conditions will restrain the market growth in the forecast period

Mobile Payments Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Mobile Payments Market. Apple, PayPal, Samsung, JP Morgan Chase, Amazon, Tencent, Google, Ant Financial, One97 Communications Limited, Vodafone, Skrill, American Express, Sprint Corporation, Well Fargo, Mastercard, Visa, First Data, and AT&T are considered to be the key players of the Mobile Payments Market.

Acquisitions/Technology Launches/Partnerships

• In 2019, Wirecard and Sisal Group signed agreement to collaborate in the field of contactless payment solutions for the brand SisalPay
• In November 2019, Google, a digital payments provider, launched Google Pay for business apps, targeting small and medium-sized businesses, helping them transfer each rupee earned by the merchant directly into their Unified Payment Interface (UPI)-linked bank account.

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