Mobile Payment Service Market Introduction
Mobile payment refers to payments for products, services and invoices with a mobile device such as smartphone and tablet via wireless Internet network. Consumers are increasingly using mobile device in variety of payment scenarios such as for payment of airline ticket, parking fees, bills, and recharges.
Drivers and Restraints
Growing adoption of mobile money services across banks and financial institutes, proliferation of mobile devices, growing broadband penetration, and expansion of urban population across globe are some of the major factors that are driving growth of the mobile payment service market. In contrast, uncertainty of data privacy & security and lack of awareness regarding benefits related to mobile payment services in developing regions are projected to hinder growth of the global mobile payment service market to some extent.
Introduction of advanced mobile payment services and platforms and surge in acquisition and mergers have become major trends in the global mobile payment service market. Developing region such as Latin America and Asia Pacific is expected to create significant growth opportunity for key players offering mobile payment services.
Global Mobile Payment service market is been segmented by technology and application.
- Short message service (SMS)
- Wireless application protocol (WAP)
- Near Field Communication (NFC)
- Unstructured Supplementary Services Data (USSD)
- Other Technologies
- Merchandise Purchase
- Bill Payment
- Money Transfer
- Airtime Top-ups
- Other Applications
Key regions targeted in the mobile payment service market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA). In terms of revenue share, Africa dominated the global mobile payment service market, followed by Asia Pacific. The mobile payment service market in Eastern Europe region is expected to expand at the highest CAGR during the forecast period. This is driven by growing mobile penetration and expanding urban population in the region.
Mobile Payment Service Market Competitive Landscape
Innovation based on effective and efficient R&D is an important growth engine. Key players offering mobile payment service adopt rollup strategy to enhance their technologies in the mobile payment service market. Major players operating in the overall market include Google Inc., Visa Inc., Apple Inc., MasterCard Inc., Worldpay, Levelup, Skrill Limited, and PayPal Inc.
The research study would provide an in-depth assessment of the mobile payment service market and include reliable analysis, insights, facts and industry-validated market estimation and projections, supplemented by appropriate assumptions, methodologies, and approaches. Insights and analysis on various market segments such as by technology, application, and region included in this research report scope.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on mobile payment service market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.