Mobile Payment Market Growth Areas, Shares, Strategy, and Forecasts 2021-2030

The Global Mobile Payment Market size valued to USD 1,409.50 billion in 2019, and is predicted to garner USD 17,706.10 billion by 2030, with a growing CAGR of 25.8% from 2020-2030.

Mobile Payment refers to the payment for goods and services performed by the means of mobile or smart phones. Rather than making payments in cash, cheque, or using credit cards; consumers can pay via mobile phones for a wide range of services and goods. Rapid digitization and technological advancements have led to development of various mobile applications and payment gateways, making the traditional payment process absolutely hassle-free.

Access Full Description of this report at:-

https://www.nextmsc.com/report/mobile-payment-market

Top Companies: Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited, and Mahindra Comviva

Market Dynamics and Trends

The global mobile payment market is booming, due to increased internet penetration, higher adoption of smartphones, increased diffusion rates of M-commerce industry, as well as inclination of consumers towards hassle-free quick-processing services. Besides, market trends such as rapid digitalization, evolution of more and more service providers, increased security offered for mobile transactions, reward-points, vouchers and cashbacks offered for using their services as well as integration of various industry verticals aiming at propagating the M-commerce business, are responsible for creating ample of opportunities in the global market in future.

Furthermore, the mobile payment services tend to bridge the gap between underbanked and banked population, hence substituting the mode of traditional payments at global level. This market scenario further supplements the growth of global mobile payment market.

However, safety concerns regarding the use of mobile payment technologies, theft or loss of configured mobile devices having financial details and credentials, hacking risks, as well as cyber crime are the factors that tend to hamper the mobile payment market growth.

Moreover, factors such as increasing support from regulatory bodies regarding digitalization and online payment methods, specifically in emerging economies, development of safer and more secured payment applications as well as developing connectivity with advanced spectrum, are to provide avenues for growth of the global mobile payment market in the coming future.

Request sample copy of this report at:-

https://www.nextmsc.com/mobile-payment-market/request-sample

Market Segmentations and Scope of the Study:

The global mobile payment market share analysis is based on mode of transaction, type of mobile payment, application, and geography.

Based on mode of transaction, the mobile payment market is segmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). Based on type of mobile payment, the market is divided into Mobile Wallet/Bank Cards and Mobile Money. Based on application in the end-users, the market is divided into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America represents a developed market, accounting for the highest market share; hence dominating the global mobile payment market throughout the forecast period. This is attributed to technological advancement, higher demand for hassle-free shopping and increased penetration of smart phones.

Asia Pacific is expected to gain traction in the global mobile payment market, over the forecast period, with gradual increase in market size. Moreover, increase in internet penetration, higher use of smart phone, growing number of M-commerce industries coupled and increased inclination towards mobile wallets are expected to further augment the market growth.

Contact:
Phone Number: +1-217-650-7991
E-mail: info@nextmsc.com

About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

For more insights, please visit, https://www.nextmsc.com

This release was published on openPR.