Mobile payment technologies market is expected to grow from US$ 45.36 billion in 2021 to US$ 323.03 billion by 2028 with an estimated CAGR of 32.8% from 2022 to 2031.
Many governments have been investing massive capital in the mobile payment industry and are undertaking various initiatives to digitize the payment process. For instance, to encourage mobile payments, the Indian government has taken several key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number are all driving forces behind the migration to mobile payments. Companies such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events) are taking efforts to develop their product portfolio to transact online contributing to the growth of the mobile payment technologies industry in India. One of the vital growth imperatives for a country's economy is digital payment. It can assist promote productivity and economic growth, improving transparency, increasing tax collection, expanding financial inclusion, and providing new economic opportunities for end users. However, cyberattacks can hinder the growth of the mobile payment technologies market. These attacks are the most severe threats the payment industry has been facing lately.
MARKET DYNAMICS
The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are affordable, offers convenience, and supports high-speed internet. Retailers develop shopping applications that have easy-to-browse catalog and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device's screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments owing to the growth of the mobile payment technologies market.
For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors in Europe. In China, the rise of mobile payment has been inconsistent, with a few prominent payment services, such as AliPay, WeChat, and LinePAY, leading to the growth of the mobile payment technologies market.
MARKET SCOPE
The "Global Mobile Payment Technologies Market Analysis to 2028" is a specialized and in-depth study of the mobile payment technologies market with a special focus on the global market trend analysis. The report aims to provide an overview of mobile payment technologies market with detailed market segmentation by technology, payment type, type, and end use. The global mobile payment technologies market expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading mobile payment technologies market player and offers key trends and opportunities in the mobile payment technologies market.
Strategic Insights
MARKET SEGMENTATION
The global mobile payment technologies market is segmented into technology, payment type, type, and end use. Based on technology, the mobile payment technologies market is further segmented into direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. By payment type, the mobile payment technologies market is categorized into B2B, B2C, and others. In terms of type, the mobile payment technologies market is divided into remote payment and proximity payment. From end use point of reference, the mobile payment technologies market is split into as hospitality & tourism sector, BFSI, media and entertainment, retail sector, health care, education, IT & telecommunication, and others.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global mobile payment technologies market based on various segments. It also provides market size and forecast estimates from year 2019 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America, which are further fragmented by countries for detailed research survey. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, APAC is expected to grow at the highest CAGR during the forecast period in the mobile payment technologies market. The mobile payment business is gaining traction in Asia Pacific and is expected to propel in the coming years. Many existing mobile payment users prefer the medium over other non-cash payment alternatives, such as checks or demand drafts, in the region. To strengthen the mobile payment industry, Asia Pacific countries have taken many significant steps to develop digital payments. The Asian Payments Network (APN) is a consortium of 11 Asian countries, such as the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia, that promote cross-border banking transactions in the region. Also, it has been seen that many customers in Asia Pacific are inclined toward mobile payments. Thus, increasing mobile payment users drives the demand for mobile payment across the region. The below figure showcases the revenue growth trend in the global mobile payment technologies market:
Source: The Insight Partners Analysis
The report analyzes factors affecting mobile payment technologies market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis highlighting the factors affecting the mobile payment technologies market in these regions.
IMPACT OF COVID-19 PANDEMIC
Healthcare infrastructure of developed economies collapsed due to the rising number of COVID-19 cases. Businesses faced new challenges due to the pandemic and the development of remote work environments. As a result, the public healthcare emergency required governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses. Although the COVID-19 pandemic in 2020 prompted a slew of challenges for global market operations, it benefited the mobile payment technologies industry. At least 58 governments in developing countries adopted digital payments to offer COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash.
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The report covers key developments, as well as organic and inorganic growth strategies, in the mobile payment technologies market. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from mobile payment technologies market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for mobile payment technologies.
The report also includes the profiles of key mobile payment technologies market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the mobile payment technologies market.
- Alphabet Inc.
- American Express, Co.
- Ant Financial Services Group
- Apple, Inc.
- AT&T, Inc.
- Boku, Inc.
- MasterCard International, Inc.
- Microsoft Corporation
- PayPal, Inc.
- Visa, Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Mode of Transaction End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. Microsoft Corporation
2. Boku, Inc.
3. PayPal, Inc.
4. Alphabet Inc.
5. Apple, Inc.
6. AT&T, Inc.
7. MasterCard International, Inc.
8. Visa, Inc.
9. Ant Financial Services Group
10. American Express, Co.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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