Mobile Payment Technologies Market Size to Hit $300+ Bn, Globally, by 2028 Growing at 32+% CAGR | Exclusive Report by The Insight Partners – Yahoo Finance
The Mobile Payment Technologies Market size is driven by strong emphasis on contactless payments especially during the COVID-19 pandemic and ease of use, growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment.
New York, Oct. 14, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Mobile Payment Technologies Market Size, Share, Industry Trends and Forecast to 2028- Covid-19 Impact and Global Analysis – by Mode of Transaction (Wireless End Use Protocol (WAP), Near-Field Communication (NFC), and Short Message Service (SMS)), Payment Mode (Proximity Payment and Remote Payment); End Use(Hospitality & Tourism Sector, BFSI, Media and Entertainment, Retail Sector, Health care, Education, IT & Telecommunication),” the global mobile payment technologies market size is expected to grow from USD 45.36 billion in 2021 to USD 323.03 billion by 2028 with an estimated CAGR of 32.8% from 2022 to 2028.
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Global Mobile Payment Technologies Market Report Scope, Segmentations, Regional & Country Scope:
Report Coverage
Details
Market Size Value in
USD 45.36 Billion in 2021
Market Size Value by
USD 323.03 Billion by 2028
Growth rate
CAGR of 32.8% from 2022 to 2028.
Forecast Period
2022-2028
Base Year
2021
No. of Pages
150
Historical data available
Yes
Segments covered
Mode of Transaction End Use
Regional scope
North America; Europe; Asia Pacific; Latin America; MEA
Country scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Key Research Capabilities
Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development
Global Mobile Payment Technologies Market Forecast to 2028 – Latest COVID-19 Analysis
https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003055/
The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments especially during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to ease of use and growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, contributing to the mobile payment technologies market growth.
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Global Mobile Payment Technologies Market: Competitive Landscape
Microsoft Corporation; Boku, Inc.; PayPal, Inc.; Alphabet Inc.; Apple, Inc.; AT&T, Inc.; MasterCard International, Inc.; Visa, Inc.; Ant Financial Services Group; and American Express, Co. are among the key mobile payment technologies market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the mobile payment technologies market and its ecosystem.
Financial service companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the mobile payment technologies market to expand during the forecast period.
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Based on technology, the mobile payment technologies market is further segmented into direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. By payment type, the mobile payment technologies market is categorized into B2B, B2C, and others. In terms of type, the mobile payment technologies market is divided into remote payment and proximity payment. From end use point of reference, the mobile payment technologies market is split into as hospitality & tourism sector, BFSI, media and entertainment, retail sector, health care, education, IT & telecommunication, and others.
Financial service companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the mobile payment technologies market to expand during the forecast period.
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Browse Adjoining Reports:
Digital Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solutions and Services), Deployment (On-Premi ses and Cloud-Based), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others)
Contactless Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Solution, Services); Industry Vertical (BFSI, Retail, IT and Telecom, Transportation, Hospitality, Government, Others) and Geography
Payment Processing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment (Cloud, On premise); Enterprise Size (SMEs, Large enterprises); Industry (BFSI, Automotive, IT and Telecom, Healthcare, Retail, Others) and Geography
Payment Security Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Component (Solution, Service) ; Enterprise-Size (SMEs, Large Enterprise) ; Industry Vertical (Retail and E-commerce, Travel and Hospitality, Healthcare, Education, Media and Entertainment, Others) and Geography
Real-Time Payments Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Nature of Payment (P2P, P2B and B2P); Component (Solution, Services); Enterprise Size (Large Enterprises, SMEs) and Geography
Installment Payment Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment Type (Cloud Based, Web Based); Organization Size (Large Enterprises, SMEs) and Geography
Wearable Payments Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Device Type (Fitness Tracker, Payment Wristbands, Smart Watches); Technology (Barcodes, Contactless Point of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID)); Application (Festival and Life Events, Fitness, Healthcare, Retail, Transportation, Others) and Geography
Payment HSMs Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (PCI Based, USB Based, Network Based); Applications (Code and Document Signing, Secure Sockets Layer (SSL) and Transport Layer Security (TLS), Authentication, Database Encryption, PKI or Credential Management, Others); End User (BFSI, Government, Technology and Communications, Manufacturing Industry, Energy and Utilities, Retail and Consumer Products, Others) and Geography
Contactless PoS Terminal Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software); Devices (Portable PoS Terminal, Fixed PoS Terminal); Technology (Mobile NFC, Smart-Card, Biometric, Others); End User (Retail, BFSI, Education and IT, Transportation and Logistics, Energy and Utility, Government, Defense, Healthcare, Hospitality) and Geography
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