Jul 21, 2021 (The Expresswire) -- Global " Mobile Payments Market " (2021-2023) research provides an outline of the business with key insights, applications and the industrial chain structure. Additionally, it provides information of the worldwide market including advancement patterns, focused scene investigation, key locales and their improvement status. Advanced approaches and plans are examined just as assembling procedures and cost structures are dissected likewise. The report states import/trade utilities, market figures, cost, value, income and gross productivity of the market.
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List of TOP KEY PLAYERS in Mobile Payments Market Report are -
● Vodafone Group Plc ● Gemalto N.V (Thales Group) ● FIS Global ● Google ● Inc. ● Bharti Airtel Limited ● Mastercard Incorporated ● Orange S.A. ● Monitise Plc ● Mahindra Comviva ● Paypal (Ebay ● Inc.) ● Eserve Global ● Cachet Financial Solutions ● Moremagic Solutions ● Visa ● Inc.
"Final Report will add the analysis of the impact of COVID-19 on the In Memory Computing industry."
COVID-19 Impact on Market:
The recent COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread around the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms of positive cases and reported deaths, as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food and beverage industry is one of the major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the global manufacturing hub, with the presence of and the largest raw material suppliers. The overall market break down due to COVID-19 is also affecting the growth of the bacon market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
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The mobile payment market was valued at USD 668.12 billion in 2017 and is expected to reach a value of USD 2410.75 billion by 2023 at a CAGR of 23.85% during the forecast period (2018 - 2023).
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 mobile payment market. The advancements in technology and introduction of various innovative products and services made mobile phones not only a telecommunication device but also as a monetary transferring device.
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 the vendors. Conversely, closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry. The partnerships between various payment networks and mobile operators to provide mobile payment solutions in the emerging markets is expected to give a significant boost to the industry in the near future.
Exponential Growth in E-commerce to drive the Market
With increasing number of mobile devices all over the globe and high-speed cellular networks, e-commerce industry is in its best shape than ever before. 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, in 2017, the e-commerce industry all over the globe made revenue of USD 1.84 trillion out of which a major portion of sales is made via mobile devices. According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices most of the purchases being made form retailerâs app or website. With the increasing number of omni-channel vendors all over the globe, this scenario is expected to more boost to the mobile payments market in the next four years.
Asia Pacific to Present New Opportunities
Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of mobile payment market. In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific). According to Visa, Inc., the company has issued more than 200MM debit cards in 2017 in India. The company also reveals that contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.
On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa, Inc., 79% of the transactions carried out in the country are carried out through electronic medium leaving only a 21% transactions to take place in cash. The company also suggests that there are more than USD 100 billion cash displacement opportunities in the country. Along with these trends, the increasing investments in e-commerce industry of Asia Pacific region coupled with the Tokyo Olympics 2020 scenario are expected to boost the mobile payment market in the region in the next four years.
Key Developments in the Market
- February 2018 - Visa Inc., has announced that fourteen technology partners have joined its Visa Ready for Transit programme, as part of the companyâs strategy to promote contactless payments on public transport around the world. Companies from ten different countries are included on the list, along with Vix and Worldline, the initial members of the scheme when it was launched in November 2017
The major players include - VODAFONE GROUP PLC., GEMALTO N.V (THALES GROUP), FIS GLOBAL, GOOGLE, INC., BHARTI AIRTEL LIMITED, MASTERCARD INCORPORATED, ORANGE S.A., and MONITISE PLC., among others.
Global Mobile Payments Market Segmentation by Types, By Applications and by Region:
Global Mobile Payments market is analyses and market size information is provided by regions (countries). Segment by Application, the Mobile Payments market is segmented into United States, Europe, China, Japan, Southeast Asia, India and Rest of World. The report includes region-wise market size for the period 2021-2023. It also includes market size and forecast by players, by Type, and by Application segment in terms of sales and revenue for the period 2021-2023.