Mobile Payment Technology Market stood at US$338.72 bn in 2015 is expected to reach around US$1,773.17 bn by 2024,NFC segment is expected to lead due to large scale technological developments across the world
Mobile payment technology (MPT) makes use of cell phones, smart phones or tablets to make instant payments for purchased services and/or products. Depending on the type of payments made, the mobile payment technologies market is divided into remote payments and proximity payments.
Furthermore, the remote mobile payment technology market is categorized into USSD/STK, digital wallets, SMS based, and direct operator billing (debit/credit cards). On the other hand, the proximity mobile payment technology market is further categorized into QR code payments and near field communication (NFC).
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Geographically the global MPT market is divided into four key regions – Asia Pacific, Middle East & Africa, South America and North America. Some of the key players in the global mobile payment technology market are Visa Inc., MasterCard International Inc., American Express Co., Fortumo, Boku Inc., PayPal Inc., Vodafone Ltd., Bharti Airtel Ltd., AT & T Inc., Apple Inc., Google Inc., and Microsoft Corporation.
The total valuation of the global mobile payment technology market stood at US$338.72 bn in 2015 is expected to reach around US$1,773.17 bn by the end of 2024. This estimated growth of the market is expected to be achieved with a healthy CAGR of 20.5% during the forecast period.
Government Encouraging Adoption of Mobile Payment Methods Boosts Market Growth
The mobile payment technology market is expected to grow at an astounding pace in the near future mainly due to the ever-increasing use of smart devices that work on mobile internet. Also, rising popularity of using wearable devices, use of near field communication (NFC) and mobile point-of-sale (m-POS) are proving to be major driving factors for the growth of the mobile payment technology market.
The number of people opting for using smart devices are growing exponentially in emerging countries of the Middle East and Africa and Asia Pacific region. Governments of these emerging economies are encouraging cashless payments and thus, significantly augmenting the growth of the mobile payment technology market.
It is also expected that more payments will be made through digital wallets with the help of Internet of Things (IoT) helping the market growth.
Geographically, industry analyst expect Asia Pacific to dominate the global mobile payment technology market in the forecast period and is expected to contribute 42.5% of the total market share by the end of 2024.
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Disinterest in Accepting Newer Technologies Present Cause of Concern
Even though the mobile payment technology market is flourishing, there is a disinterest among customers about accepting the new technology. It is one of the big restraining factors for the growth of the market.
Consumers are also put off by the delays in transaction and some still prefer to conduct the transaction in the old fashioned ways. Both the customers and merchants are not fully aware of the working infrastructure of the mobile payment technology and that is a cause of concern for the overall growth of the market.
On the flip side, there are plenty of opportunities in market to boost up the growth. Top-end security features, faster and safer transactions, integration of conventional transaction methods in the current working system will attract more users.
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