Mobile Payment Market Share, Size, Growth, Trends Analysis & Industry Report, 2020-2027

Global Mobile Payment Market reveals that the market is slated to register a higher CAGR over the forecast period. This is mainly attributed to the drastic shift towards smartphones and the rising penetration of mobility and smartphones, especially in emerging economies.

DUBLIN, DUBLIN -- (SBWIRE) -- 03/02/2021 -- Mobile Payment Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The drastic shift towards smartphones and the rising penetration of mobility and smartphones, especially in emerging economies, are the factors contributing to the growth of the mobile payment market size. Furthermore, the strong adoption of mobile phones that support mobile payment services and the increasing availability of high-speed mobile data networks will further pay the way for the growth of the mobile payments market share in terms of revenue. The growing e-commerce businesses and the digitalization of payments services are the rising trends that are driving the growth of the market. Telecommunication retailers, providers, groceries are launching their mobile apps to shop online from anywhere as it provides high-speed and hassle-free services. These factors will attract many consumer bases towards the market.

The retail stores worldwide are rapidly integrating and opting for various mobile payment platforms, including PayPal, Samsung Pay, WeChat Pay, Apple Pay, and AliPay, to accept payments owing to the increasing commerce activities, continuous growth in online retailing, and fundamentally changing lifestyle. This is the emerging trend, thereby boosting the growth of the market during the forecast period. On the other edge of the spectrum, increasing data breaches and security issues in mobile payments will hamper market growth. Additionally, the growing use of NFC, RFD, and host card emulation technology in mobile payment and the rising demand for fast transaction services will open doors for the growth of the mobile payment market.

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With the emergence of the COVID-19 pandemic, the majority of the banks and financial institutions have started providing their customers new digital techniques and tools, which has led to an upsurge in demand for mobile payments. In addition to this, the rising penetration of smartphones in the European region is providing growth potential for the mobile payment market. Moreover, various banks and FinTech sectors have introduced numerous attractive banking strategies for attracting many consumers to adopt mobile payment, which is bringing several growth opportunities for the market. Thereby, due to the alarming growth in the number of COVID-19 patients at a global level, consumers are rapidly opting for multiple mobile payment options.

Mobile Payment Market's leading Manufacturers:

- Google LLC
- Samsung Group
- Amazon.com Inc.
- Apple Inc.
- Boku Inc.
- PayPal, Inc.
- Visa Inc
- American Express Company
- Alipay.com
- Obopay

To Know More About Mobile Payments Market

Mobile Payment Market Segmentation:

Segmentation by Type:

- Proximity Payment
- Remote Payment

Segmentation by End-Use Industry:

- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Government
- Media and Entertainment
- Transportation and Logistics
- Other End-user Industries

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

Our Other Relevant Reports:

1. Mobile Wallet Market
2. Mobile Money Market

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