(MENAFN- Ameliorate Digital Consultancy)
A recently published Fact.MR study states that global demand for mobile payments is expected to surpass US$ 590 Bn by registering a staggering double digit CAGR of 30% in the forecast period 2022-2032. Penetration of smart mobile phones along with an increase in E-commerce sites is positively influencing the demand for mobile payments.
Historically, from 2015 to 2021, the global sales of mobile payments exceeded US$ 36 Bn, flourishing at a CAGR of 27%. Imposition of mandatory social distancing protocols during the COVID-19 pandemic led to a decline in traditional face-to-face financial transactions, compelling adoption of mobile payment devices.
Furthermore, mobile payment companies are focusing on designing an easy interface for consumers and businesses. This, in turn, is expected to increase the dependency on mobile payments. In addition, mobile payment companies are offering cashback and rewards. This is attracting consumers to use mobile payments.
During COVID-19 outbreak, the retail segment accounted for the highest market share in mobile payment market, due to high demand of contactless payments in retail shops such as grocery and drug stores which helps in reducing chances of virus transmission.
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Key Takeaways from the Market Study
By location, remote payments expected to hold more than 60% market share for mobile payment market. By end use, BFSI industry expected to hold more than 20% market share for mobile payment market. Mobile payment industry expected to possess nearly 25% market share throughout North America. Mobile payment industry expected to possess nearly 35% market share throughout Asia Pacific. U.S, China and India top three countries driving demand for mobile payment.
In January 2022, PayPal Holdings Inc. launched gift wrapping feature with the help of Venmo. This feature helps to gift money to friends and family. The company is focusing on attracting consumers to use digital payments. In 2018, Visa Inc. partnered with Allianz partners and launched“Allianz Prime”- a mobile payment and loyalty app. The company is focusing on providing fast, safe and easy payment options to its users.
Key Segments Covered
By Technology :
Direct Mobile Billing Interactive Voice Response System based Mobile Payment Mobile App based Payments Mobile Payments via Near Field Communication Mobile Web Payment Mobile Payment via SMS Other Mobile Payment Technologies By Type :
B2B Mobile Payment B2C Mobile Payment B2G Mobile Payment Other Mobile Payment Types By Location :
Remote Mobile Payment Proximity Mobile Payment By End Use :
Mobile Payment for Media & Entertainment Mobile Payment for Healthcare Mobile Payment for IT & Telecom Mobile Payment for Retail & E-commerce Mobile Payment for Transportation Mobile Payment for BFSI Mobile Payment for Other End Uses
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COVID 19 Impact Analysis
The outbreak of the COVID-19 pandemic positively impacted market growth. An increase in health-related concerns due to COVID-19 is also changing consumers' shopping patterns. The pandemic has boosted the preference for contactless payments to minimize the number of touchpoints at the point of sales. According to the statistics provided by EastWestBank, in 2020, the usage of contactless payment in the U.S. increased by 150% compared to 2019. Moreover, 87% of consumers preferred shopping in stores by using contactless payment options.
Top impacting factors
Increase in demand for fast and hassle-free transaction services
Mobile payment is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts all types of companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online from anywhere.
Rise in adoption of mobile payment in emerging economies
Emerging economies, such as India and China, have high penetration of smartphones along with increasing 3G and 4G connectivity users. In addition, both the countries account for more than one-third of the world's population, thus posing maximum market potential for mobile payment. It is anticipated that approximately 90% of the population under the age of 30 years resides in these emerging markets.
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Key Benefits for Stakeholders
The study provides an in-depth analysis of the global Mobile Payment market share along with the current & future trends to elucidate the imminent investment pockets. Information about key drivers, restraints, and opportunities and their impact analysis on the global Mobile Payment market size is provided in the report. Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the Mobile Payment industry. The quantitative analysis of the market for the period 2020–2027 is provided to determine the Mobile Payment market potential.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global mobile payment market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of technology (near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile apps and others), type (B2B, B2C, B2G and others), location (remote payment and proximity payment) and end use (media & entertainment, healthcare, IT & telecom, retail & e-commerce, transportation, BFSI and others) across five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).
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