Selbyville, Delaware: Market Study Report adds global Mobile Payment Market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
The research report by Market Research concludes that the global mobile payments market is set to see an upsurge in terms of revenue by growing at a CAGR of 24.22% in the forecasting years 2019-2027. Mobile payment enables transfer of money through mobile phones with the help of payment services operating under financial authorization. These mobile payments are processed by using e-wallets, and are an alternative payment mode to cash, checks, or credit and debit cards. The biggest advantage that mobile wallets provide customers is convenience; one need not stop by an ATM to withdraw cash or fill his/her wallet or purse with credit cards.
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The market is driven by factors such as the growth in the e-commerce industry, mergers & acquisitions, preference of mobile payment over traditional banking methods, adoption of mobile payment systems by small business owners, advancements in technology and a large number of unbanked populace opting for this service. The increased adoption of smartphones by people from all hailing from different sections of the economic strata is fueling the industry. However, the security concerns looming over the use of mobile wallets is a restraining factor. Mobile applications that help process online transactions contain sensitive data, and it is imperative to secure it at all costs. With poor security systems, hackers perform data-theft and hence mobile wallets need to build stronger systems to guard sensitive information.
The benefit of mobile payment systems is that they are user-friendly and unlike banking processes, do not require any paperwork. Also, in regions where the number of banks is scarce, mobile payment systems have come as a huge relief. Sometimes, the users are not familiar with the jargons mentioned in the ‘terms & conditions’ section of the app, which makes customers vulnerable to risks. If the legal framework across all the platforms is harmonized, the challenges faced by the global mobile payments industry can be overcome.
The global mobile payments market report consists of regions such as North America, Europe, the Asia-Pacific, Latin America, the Middle East and Africa. India is one of the most important countries in the Asia-Pacific mobile payment market. The mobile payment market in India is set to witness a burgeoning growth. Mobile payment systems are a suitable option for a large number of people living in areas that are unbanked. The mobile payment market in the country is primarily driven by the growing number of smartphone users and the rapid rise in the internet subscriber base. Ongoing developments in the IT sector and the lack of a proper banking infrastructure have further propelled the growth of this market in India.
The prominent companies in the global mobile payment market are We Pay, Inc., Mastercard, Boku, China UnionPay, Airtel Money, Obopay, Inc., Alipay, iZettle, Google, Square, Inc., Paymentwall, M-Pesa, Beijing Qiandaibao Payment Technology, Ltd., Bank of America, Merchant Customer Exchange, G-Xchange, Tenpay Technology, Ltd., Apple, Inc., Yeepay, The Western Union Company, Banco Bilbao Vizcaya Argentaria Wallet, 99Bill Corporation, Intuit Pay, Paytm, Softcard and PayPal
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Table Of Content
- Mobile Payment Market – Summary
- Industry Outlook
- Mobile Payment Market Outlook – By Medium
- Mobile Payment Market Outlook – By Type
4.1. Mobile Person-To-Person Transfer (P2p)
4.2. Mobile Commerce (Pos)
4.3. Prepaid Mobile Wallet
4.4. In-App Billing
4.5. Carrier Billing
4.6. Closed-Loop Payments
- Mobile Payment Market Outlook – By Application
5.3. Energy & Utilities
5.4. Hospitality And Transportation
5.6. Other Applications
- Mobile Payment Market – Regional Outlook
- Competitive Landscape
7.1. Apple, Inc.
7.3. Airtel Money
7.5. Bank Of America
7.6. Banco Bilbao Vizcaya Argentaria Wallet
7.7. Beijing Qiandaibao Payment Technology, Ltd.
7.8. China Unionpay
7.9. Merchant Customer Exchange
7.11. Dwolla Corp.
7.15. Intuit Pay
7.17. Square Inc
7.18. Tenpay Technology, Ltd.
- Methodology & Scope
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