Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living.
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The mobile payment trend has taken over traditional payment method, owing to current cashless transactions done using mobiles as a payment method. This payment method is easy and a hassle-free way to pay money virtually.
Increased adoption of mobile payment in emerging economies of Asia-Pacific is expected to continue to foster growth in the mobile payment market in the coming years.
Mobile payment is used in stores and to make remote location payment via messages or mobile apps.
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Different types of mobile payment mediums, such as near-field communication (NFC), have been developed to provide faster money transactions. The mobile payment industry witnessed an important development when Apple announced the launch of Apple Pay, its new payment feature.
This feature enables iPhone 6 and 6 plus customers to make payments at more than 200,000 retail locations in the U.S. In addition, in 2015, Starbucks Corp.
launched the Mobile Order & Pay Program across the U.S. to enable customers to preorder and avoid waiting in long queues, thus boosting the market growth.
Growth in e-commerce industry, increased penetration of smartphones, change in lifestyle, and the need for quick and hassle-free transactions drive the market growth. However, data breaches and security concerns impede this growth.
Rise in knowledge, exposure to social media, and high potential in emerging economies are projected to present numerous growth opportunities for mobile payment market in the near future.
The mobile payment market is categorized by mode of transaction, type of mobile payment, application, and geography. By mode of transaction, it comprises short message service (SMS), near-field communication, and wireless application protocol (WAP).
Based on the type of mobile payment, it is bifurcated into mobile wallet/bank cards and mobile money. By application, it is sub-segmented into entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and others.
By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. As per the analysis, Asia-Pacific accounted for the largest mobile payment market share in 2016, owing to high mobile penetration platform for e-commerce transactions.
Key players profiled in the report include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva.
KEY BENEFITS FOR STAKEHOLDERS
- In-depth analysis of the global mobile payment market along with its dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
- Porter’s Five Forces analysis examines the competitive structure of the mobile payment market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players.
- Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided in the report.
- Detailed analysis of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions.
- Profile analysis of leading players that operate in the mobile payment market are provided in the report, which highlight the major developmental strategies such as mergers & acquisitions, expansions, and new product launches adopted by these companies.
KEY MARKET SEGMENTS
Mobile Payment Market by Mode of Transaction
- Short Message Service (SMS)
- Near-field Communication (NFC)
- Wireless Application Protocol (WAP)
Mobile Payment Market by Type of Mobile Payment
- Mobile Wallet/Bank Cards
- Mobile Money
Mobile Payment Market by Application
- Energy & Utilities
- Hospitality & Transportation
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