May 29, 2020 (Market Insight Reports) --
Mobile Payments Market – Growth, Trends, and Forecast (2020 – 2025) , This report presents a profound evaluation of basic elements of the Mobile Payments industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews a thorough analysis of vital segments and regional markets.
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.
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Top leading Manufacturers Profiled in Camper Trailers Market Report are Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, Visa Inc., American Express Co., Mahindra ComViva, Orange SA, Tencent Holdings Ltd, Alipay.com Co. Ltd.
The stores and services across the globe are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept payments. Owing to changing lifestyles, daily commerce, and rapid growth in online retailing, this trend is expected to continue over for subsequent many years.
– 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.
Scope of the Report
Mobile payments automate payment systems instead of paying with cash, cheque, or credit cards. The technological advancement in the smartphone has enabled on-the-go fund transfer and POS at retail terminals. Mobile payments of various types are utilized for diverse operations, including ordering takeaway food, movie tickets, and smartphone game upgrade across many end-user industries.
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E-commerce to Drive the Mobile Payments Market
– With the increasing number of mobile devices all over the globe and high-speed cellular networks, the 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 retailers app or website.
– With the increasing number of omnichannel 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, the Digital India campaign led by the government is encouraging people to use digital services and payments. With 1.32 billion population, Indian people are slowly transforming and taking interest in digital services that pave the way for the mobile payment market.
Furthermore, this study will help to solve the following issues:
– Cyclical dynamics: Report foresees the dynamics of industries by using core analytical and unconventional market research approaches.
– Identifying key cannibalizes: Strong substitute for a product or service is the most prominent threat. The report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
– Spotting emerging trends: Report helps to identify upcoming hot market trends. The report also tracks possible impact and disruptions which a market would witness by a specific emerging trend.
– Interrelated opportunities: This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Irfan Tamboli (Head of Sales) – Market Insights Reports
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