According to Custom Market Insights (CMI), the Mobile Payments Market size is expected to grow at a compound annual growth rate of 37.1% during the forecast period extending from the year 2021 to the year 2030. The outbreak of the COVID-19 pandemic had a positive effect on the market.
The demand for this platform has grown to a great extent during the pandemic as compared to the previous years. USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022. The market is expected to reach USD 587.52 billion by the year 2030. This growth is associated with the growing demand for mobile payment platforms across the world. The demand for mobile payment options will continue to grow during the forecast period as this is a good substitute for the traditional methods of payment which happens to be a secure option.
Browse the full “Mobile Payments Market Size, Trends and Insights By Technology (Near Field Communication, Direct Mobile Billing, Interactive Voice Response System, Mobile Web Payment, SMS, Mobile App, Others), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Media Entertainment, Retail E-commerce, Healthcare, IT Telecom, Transportation, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/mobile-payments-market/
Market Dynamics
Drivers
The mobile payments market is expected to grow well in the coming years due to the rapid adoption of this technology by the developing as well as the developed nations, especially after the outbreak of the COVID-19 pandemic. This market will soar higher in the forecast period. The adoption of this technology is more in various nations due to the feature of Cashless transactions.
The availability of payment through mobile phones is extremely hassling-free. Features available on the platform will help in the growth of the market in the coming years. Improvisation of the existing technologies will lead to acquiring a larger consumer base. The population across the globe is growing dependent on advanced technology and devices. All of these factors shall play an extremely important role in the growth of the market. Other factors that will be instrumental in the growth of the market our reliability, security and quick services provided by the technology.
Restraints
As many businesses had a negative impact due to the outbreak of the COVID-19 pandemic the functioning of these businesses was also affected on a large scale. Many industries had incurred large losses in terms of their finances and this crisis has been one of the major factors restraining the growth of the mobile payment services platform.
Opportunities
Rapid digitization in various nations across the globe has increased the adoption of mobile payments. This market is expected to see exponential growth in the coming years due to the increased use of these platforms for many transactions. The demand for these services will continue to grow in the coming years due to the convenience and ease of access provided by the use of this technology. There has been increased adoption of these platforms majorly due to the hassle-free and secure payment gateway. The use of mobile wallets and bank cards will provide major growth opportunities in the coming years.
Challenges
There are a few limitations to the growth of the market. Increased cases of cyber-attacks on the payment option will hamper the growth of the market in the coming year. Recent statistics have stated the increasing vulnerability of these payment options and the other issues with the technology that shall be some of the major challenges in the growth of the market.
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Report Highlights
The mobile web payment technology shall be used on a large scale as it is flexible and secure. There’s increased popularity of this technology as it is extremely easy for consumers to make use of the bookmarked website. The near-field communication segment is also expected to grow well in the coming years. This technology offers loyalty programs to its customers and these services are provided in the form of coupons. Increased use of the eCommerce platforms for purchasing various products shall right the market growth period
This method of payment shall be used on a larger scale in the business-to-business market. An increasing number of investments will provide better opportunities for growth. A higher compound annual growth rate will be seen in the business-to-consumer segment during the forecast period. Subscription to various services will lead to the growth of the market.
This technology shall be used on a large scale in the banking and finance sectors across the globe. These businesses are constantly focusing on increasing the use of these services for all of their payment processes. The use of this platform has been extremely beneficial for the management of wealth. Increased use of the eCommerce platforms and purchases made through the retail stores shall also play an instrumental role in the growth of the market in the coming years
Regional Snapshots
The Asia Pacific region has dominated the market in the past and it will continue to grow well in the forecast period. Increased adoption of the QR code payment options and digital wallets has grown in the nations like India. Demonetization in India has played an extremely important role in the adoption of these services. It has led to an exponential growth of the market in the past period increased initiatives taken by the government of this nation will play an important role in the growth of the market in the coming years.
A large amount of revenue was generated for China as many market players are present in this nation. The availability of various eCommerce platforms and the growing use of online shopping platforms will lead to the growth of the Asia Pacific region in the coming years. Apart from the growth of this market in the Asia Pacific region, the North American region will also see a good amount of market share in the coming years.
Key market players in the mobile payments market
- Money Gram International
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- WeChat (Tencent Holdings Limited)
- Google (Alphabet Inc.)
- Alibaba Group Holdings Limited
- com Inc.
- Apple Inc.
- American Express Company
- M Pesa
Table of Contents: https://www.custommarketinsights.com/report/mobile-payments-market/#table-of-contents
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