DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “Mobile Payments Market: Global Industry Analysis, Size and Forecast, 2019-2031"
Payments for products and services via mobile devices using the wireless Internet network is termed as mobile payment. With the growing uptake of mobile phones across the globe, the mobile payments industry has witnessed massive growth in a short span. Further, increasing technological awareness among customers has contributed a crucial role in the expansion of the mobile payments market in the recent past.
Browse Full Report: Mobile Payments Market | Analysis 2019-2031
By Mode of Transaction
Based on mode of transaction, the global mobile payments market is bifurcated into near field communication (NFC), wireless application protocol (WAP), short message service (SMS), and unstructured supplementary service data segments. Among mode of transactions, the SMS segmented dominated the market with over 1/3rd of the market share, in terms of both value and volume, in 2021. This is primarily attributed to the increased popularity of the SMS as a mode of mobile payment transaction especially among end users in the developed regions such as North America and Western Europe. Whereas, in terms of revenue growth, the NFC segment is anticipated to witness healthy CAGR during the forecast period owing to increasing uptake of emerging mobile payments technologies among end users across the globe.
By End User
Based on end user, the global mobile payments market has been analyzed across individual/personal and businesses segments. The business segment is further bifurcated into large businesses and small & medium businesses. In terms of revenue share, the individual/personal segment dominated the overall mobile payments market in 2021 and is projected to create considerable revenue opportunities for prominent players during the forecast period.
Other Prominent Segments
By location, the mobile payments market is segmented into proximity payment and remote payment. Based on application, the market is analyzed across money transfer, merchandise purchase, bill payment, travel & ticketing, airtime top ups, and other related applications.
The global mobile payments market is analyzed across six major regions such as North America, Eastern Europe, Latin America, Western Europe, the Middle East and Africa, and Asia Pacific. In 2021, Asia Pacific region dominated the overall mobile payments market. The major demand is coming from emerging countries such as China and India owing to an increase in the pace of digitization and the rising number of tech-savvy customers.
Rise in penetration of mobile devices such as smartphones and tablets across the globe, the introduction of digital payment platforms and mobile applications and increase in the number of tech-savvy customers are anticipated to boost the mobile payments market growth during the forecast period. However, the increase in the number of data breaches and data privacy incidents are anticipated to limit the expansion of the overall mobile payments market size to a certain extent.
Mobile Payments Market Competitive Landscape
Major players operating in the mobile payments industry includes Tigo, Square Inc., Apple Inc., Vodcom Group Limited, Google Inc., Visa Inc., Worldpay Group plc, Paypal Inc., and MasterCard Inc. Other emerging players in the market are Alipay, Paytm, and WeChat etc. Key vendors in the market are focused towards expanding their product offering, regional presence, and customer base by entering into new emerging markets. Further, these players are aimed at entering into strategic partnerships with local vendors in order to gain competitive advantages in the region.