Global Mobile Payments Market Size, Status and Forecast 2021-2025
The Mobile Payments Market report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments and focuses on market capacities and on the changing structure of the Mobile Payments.
The mobile payments market was valued at USD 1139.43 billion in 2019 and is expected to reach a value of USD 4690.65 billion by 2025, at a CAGR of 26.93% over the forecast period of 2020-2025.
– With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of the mobile payment market.
– The companies are rigorously investing in mobile payment technology owing to significant growth in the industry. For instance, in the Indian market, WhatsApp is working with ICICI bank to introduce mobile payment feature through UPI( unified payments interface).
– Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for vendors.
– Closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry.
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Top Leading Companies of Global Mobile Payments Market are Google LLC, Samsung Group, Amazon.com, Inc., Apple Inc., Paypal Inc., Visa Inc., American Express Co., Orange SA, Alipay.com Co. Ltd, Mahindra ComViva and others.
Industry News and Updates:
– April 2019 – Orange is engaged in the digital transformation in Africa and the Middle East, and launched its first Orange Digital Centre in Tunisia.
– February 2019 – Visa and Planeta Informatica announced the launch of new technology that enables public transit operators worldwide to implement contactless payments faster and easier than ever, and for a much lower cost.
Key Market Trends:
E-commerce to Drive the Mobile Payments Market
– With the increasing number of mobile devices all over the globe and high-speed cellular networks, e-commerce industry is in booming phase.
– The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale.
– According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices most of the purchases being made form retailer’s app or website.
– With the increasing number of omni-channel vendors all over the globe and specifically in Asia-Pacific countries such as India and China, this scenario is expected to more boost to the mobile payments market.
– According to a report by Credit Suisse, the digital payments market in India is currently pegged at USD 200 billion and expected to reach USD 1 trillion by 2023. With the entry of companies like Paytm, Google Pay the market is becoming quite attractive for other companies to establish their service.
– Moreover, Digital India campaign led by the government is encouraging the people to use the digital service and payments. With 1.32 billion population, Indian people are slowly transforming and taking interest in digital services that pave the way for mobile payment market.
Asia-Pacific to Offer New Opportunities in the Mobile Payments Market
– The Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of the mobile payment market.
– In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific).
– According to Visa Inc., the company has crossed more than 20 million contactless cards in 2018 in India. The company also reveals that the contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.
– On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa Inc., 79% of the transactions carried out in the country are carried out through electronic medium leaving only a 21% transactions to take place in cash.
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Highlights of the Mobile Payments Market Report:
– Detailed overview of Mobile Payments Market
– Changing the Mobile Payments market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Mobile Payments market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Mobile Payments Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Mobile Payments Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Mobile Payments industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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