Mobile Payment Market Explosively at a Staggering 31.5% CAGR by 2028

Market Overview:
The Global Mobile Payment Market Size Was Valued At USD 1.99 Trillion In 2021, And Is Projected To Reach USD 13.53 Trillion By 2028, Growing At A CAGR Of 31.5% From 2022 To 2028.

Nowadays there is no more use of traditional payment methods such as credit cards, checks, cash, or others These are no longer required thanks to mobile payment. Customers can use mobile payments to buy any commodity or service using wireless devices like smartphones, tablets, and other gadgets. Additionally, mobile payments employ a variety of technologies, including NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, enhance transaction security and offer simple transactions. Mobile payment is the easiest and simplest way to transfer a money within minimum time.

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Market Dynamics:
Driver:
During the COVID-19 period, the retail segment accounted for the highest market share in the mobile payment market, nowadays there is a high demand of contactless payments in retail shops such as grocery and drug stores which helps in reducing the chances of virus transmission. And also, the use of mobile payment for food delivery, this is the easiest way to order food and make a payment. Mobile payments are more secure than using a conventional credit card because of Touch ID, which can be used to scan a fingerprint or enter a PIN. The mobile app generates unique security codes for each transaction, making this mode of payment far safer than using a real card.

Opportunities:
Mobile Payment and rise in demand for fast and hassle-free transaction services are expected to provide lucrative opportunities for the market. Mobile payments have completely changed how organizations approach payment processing. On one front, we're pursuing more authenticated, secure payment processing methods. On another, we're advancing toward quicker, more practical payment methods. Companies like Starbucks and CVS have developed applications that let you save payment information and favorite products so you can get your preferred coffee cup or refill a prescription with a single click.

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Segmentation Analysis Of Mobile Payment Market
By payment type, proximity payment is expected to account for the largest market share in the forecasted period. Mobile proximity payments are mobile payments, the payer and the receiver are in the same location and where the transition is in between their devices takes place through proximity technology. Proximity technology used for mobile payment is Near Field Communication (NFC), Quick Response (QR) codes, digital wallets, card terminals, etc. It is an online mode of transaction for doing a quick and secure payment process. It helps to do transections by handy devices like smartphones, tabs at any time from anywhere bank to bank transitions are possible. That is helping in the growth of the mobile payment market.
• Proximity Payment
• Remote Payment

By end-user, the BFSI segment is expected to dominate the mobile payment market in the forecast period. BFSI (Banking, Financial Services, and Insurance) is one of the major sectors where businesses have better possibilities when it comes to digital transactions. In the financial services bank required valid customer bank accounts through which the bank receives and collects the payment. BFSI sector adopting new techniques for making payment transfers easy and convenient. Developing smartphone apps, adding new features such as remote deposit of checks, and providing training to educate consumers. Consequently, mobile banking adoption among consumers has been much faster, leading to the development of the mobile payment market in the upcoming period.
• BFSI
• IT & Telecommunication
• Retail
• Others

Regional Analysis Of Mobile Payment Market
Asia Pacific region is expected largest market share of the mobile payment market in the projected period. The rapidly growing online market and supply of mobile devices create the need for mobile payment services in the market. This service enables easy cashless payments. It is the most convenient transaction that can be completed in the shortest period that improves the customer experience. In the Asia Pacific especially India and China dominate the largest share in the market. In India, digitalization and the government's demonetization action have propelled the adoption of mobile payments. Also, the large population indicates the high consumer base for the mobile payment market in China, it is a leading country in the adoption of new technology, high use of smartphones, and growing need for less-time consuming payment methods in China are expected to boost the demand for mobile payments in the projected period.

The North American region is the second most dominated region in the mobile payment market during the forecasted period. The coronavirus pandemic boosts mobile payment developments across the world, and North America was no exception. Indeed, the US bigger increase in NFC than other countries worldwide According to Statista In 2021, more than four out of 10 people U.S. smartphone users had used contactless payment methods not only NFC but mobile wallets, QR code payments, or PayPal transactions via a smartphone. PayPal, especially, is popular in the United States For instance, the number of active PayPal accounts was said to be over 400 million in 2021, up by over 70 million since early 2020. As result, that shows the increasing demand for mobile payment.

Europe is the region that has the potential to grow in the mobile payment market in the upcoming period. Rising use of the online mode of money transfer in the Europe region due to the service provided by the key players. There are various apps, systems, and financial technology that provide mobile payment services more effectively. Moreover, the use of mobile payment services is larger in younger adults like age group 18-34 is significantly more likely to currently use a mobile payment service and this region contains a large population between this age group which leads to an increased demand for mobile payment market. Moreover, governments across the region have enforced strict regulatory policies, to support the development of payment technology and make a cashless economy. The Europe region holds a positive outlook for the mobile payment technologies market

The South American region has the potential to grow in the mobile payment market due to the presence of developing countries. The rising population shows the high availability of large consumers of this region that support to increase in the use of mobile payment market in this region. The adoption of new technology helps in easier, more secure, and convenient mobile transactions through mobile payment technologies which increases the demand for the market in the forecast period.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Top Key Players Covered In Mobile Payment Market Are
• Apple (US)
• Google (US)
• American Express Company (US)
• MasterCard (US)
• PayPal (US)
• Isis Mobile Wallet (US)
• Visa (US)
• Merchant Customer Exchange (US)
• Alibaba Group Holdings Limite (China)
• Amazon.com Inc. (US)
• M Pesa (Africa)
• Money Gram International (US)
• Samsung Electronics Co. Ltd. (South Korea)
• WeChat (Tencent Holdings Limited) (China), and other major players.

Key Industry Development In The Mobile Payment Market
In November 2021, the leading Japanese information and communication technology company Fujitsu Limited and, American Express International announced a new partnership to work on their global expense management by doing digital transformation in expense management.

In March 2022, Visa acquired tink, Visa, and opened a banking platform that is used for financial businesses to give services, and financial products and do money transitions. Tink and Visa are commonly expected to work on providing better management of financial services, financial data, and money for their clients.

Table Of Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2: Executive Summary

Chapter 3: Growth Opportunities By Segment
 3.1 By Payment Type
 3.2 By End-User

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing
Continue.

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