Mobile Payment Market report is segmented on the basis of mode of transaction, mobile payment, application and region & country level. Based upon mode of transaction, global mobile payment, market is segmented into short message service (SMS), near-field communication (NFC) and wireless application protocol (WAP). Based upon mobile payment, global mobile payment market is segmented into mobile wallet/bank cards, mobile money. Based upon application, global mobile payment market is segmented into entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others.
Mobile Payment Market is valued at USD 816.50 Billion in 2018 and is expected to reach USD 5528.23 Billion by 2025 with a CAGR of 31.4% over the forecast period.
A mobile payment is a type of online money payment which made for product or service through an electronic device like smartphone, tablet and other. Mobile payment is increasingly used in the banking apps for allowing the customer to instantly send money. It is also used in the payment of bills on site at stores by scanning a barcode and accepting payments from convenience stores to large, multi-national retailers. In mobile payment, multiple apps are used like, PayPal, Venmo, Google Play, and others. By using touch ID in the form of a fingerprint scan or PIN input makes mobile payments more secure than a physical credit card.
The regions covered in this Global Mobile Payment Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global mobile payment market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing Accessibility of Technological Advanced Smartphones is the Driving Factor of Global Mobile Payment Market.
Increasing adoption of smartphone and mobile payment is one of the major factors driving the growth of global mobile payment market. For example, approximately 6.8 billion people are using mobile phones account from which 3.5 Billion people are using mobile banking. In addition, proliferation of 3G and 4G connectivity has enabled customers to have hassle-free access to the services on their smartphones. For example, South Korea, Japan, Norway, Hong Kong, and United States of America have approximately 90% availability of 4G networks. Additionally, increasing adoption of M-commerce is another growth factor of mobile payment market. However, the security risks, slow adaption of mobile payment these factors may hinder the mobile payment market. For example; risk of hacking, attack by viruses to the device is generally seen in the customer. Moreover, Government initiatives in promoting digital payments are expected to create new opportunities in the mobile payment market.
Asia Pacific is Expected to Witness a Lucrative Growth in The Global Mobile Payment Market
Asia pacific is an emerging market due to growing adoption of smart phones. The growing adoption of smart appliances such as smartphones is the major driving factor for the strong growth of the mobile payment market in this region. In addition, increasing government initiative and increasing initiative from mobile companies supplying fast internet service is also supplementing the growth of mobile payment market in this region. For example; government of India launched digital India campaign which includes plans to connect rural areas and provide high-speed internet networks. In the Asia pacific, Vietnam is the fastest-growing market in mobile payments market. China leads with around 86 percent of its population tapping mobile payments, followed by Thailand at around 67 percent.
Europe and North America are followed by Asia pacific. Europe is expected to hold a prominent share in the global mobile payment market during the forecast period, due to the initiatives to promote digital currency. European citizens prefer mobile payments, owing to the European Payments Council (EPC) promotion of electronic payments through innovative instruments such as mobile and cards.
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By Regional & Country Analysis:
Middle East and Africa
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