Global Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023. Development in digital technology, increasing adoption rate of smartphones and internet on mobile, investment by non-banking institutions in the payment system, and dynamic consumer market are some of the prime factors which are driving the market of mobile payment technology globally. However, lack of cross-border payment standards is expected to hinder the market growth in coming years. Whereas, development in 5G network, introducing artificial intelligence technology in digital payments are expected to build fruitful opportunity for the growth of the market. On the other hand, increasing cyber-attacks is one of the major challenges faced by the market.
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- First Data
- ACI worldwide
- Global Payments
- Six Payment Services
Market Research Future (MRFR) has segmented the Mobile Payment Technologies market into solutions, deployment mode, organization size, vertical and region.
By solution, the market is segmented into point-of sale (PoS) solutions, in-store payments, and remote payments. By PoS solutions, the market is further bifurcated into near-field communication (NFC) payments, sound-wave based payments, and Magnetic secure transmission (MST) payments. In-store payments solutions are further sub-segmented into mobile wallets, and Quick response (QR) code payments. And, remote payments are classified into Internet payments, SMS payments, Direct carrier billing, and Mobile banking. Among these, point-of sale (PoS) solutions such as NFC, and MST payments are dominating the market due to growing market of IoT-enabled technology and increasing adoption of cloud-based solutions by enterprises, followed by in-store payments.
By deployment, the market is divided into On-premise, on-cloud and hybrid. Among these, on-premise deployment of mobile payment solutions is dominating the market due to its ease of use. Whereas, due to increasing adoption of cloud-based services, on-cloud deployment of payment solutions is projected to grow with fastest growing CAGR. However, security issues associated with On-cloud solutions is one of the major challenges for this market and is expected to hinder the market adoption rate of on-cloud solutions.
By organization size, the market is sub-divided into SMEs and Large enterprises. Among these, large enterprises are leading the market. Whereas, SMEs are expected to grow with fastest growing CAGR due to increasing adoption of digital payment solutions supported by government initiatives to promote digital payments in countries such as India, Australia, and Germany.
By vertical, the market is sub-segmented into BFSI, IT & Telecommunication, Retail & E-commerce, Media & Entertainment among others. Among these, BFSI is dominating the market due to increasing adoption of digital payments solutions by them. Also, increasing adoption of mobile wallets across geographies is propelling the adoption of mobile based payment technologies by banks and financial sectors. Whereas, retail & ecommerce mobile payment technologies market is projected to gain highest CAGR during the forecast period as increasing adoption of smartphones for money transactions is propelling the adoption of PoS solutions by retail outlets and e-commerce.
The market for Semiconductor IP market is estimated to grow at a significant rate during the forecast period 2018 to 2023. The geographical analysis of Mobile Payment Technologies market is studied for North America (U.S, Canada, and Mexico), Europe (Germany, U.K, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, South Korea and Rest of Asia-Pacifc), and the Rest Of The World (including the Middle East & Africa, and South America).
Currently, North America is a leading market in Mobile Payment Technologies. North America is an established region in terms of advanced infrastructure and is widely known as an early adopter of new technologies. Government regulations in key countries such as US, and Canada, designed for the benefit and development of digital payment have benefitted the market in the region. Advancements in technologies such as IoT, AI and cloud computing offer opportunities for the development of mobile payment technologies in the region. Further, mobile PoS is projected to grow with highest CAGR in North America digital commerce market by 2023. US among countries is the leading market, whereas, Canada mobile payment market is projected to witness high growth in the coming years due to increasing adoption rate of contactless payment options by banks and enterprises.
Asia-Pacific is second-leading Mobile Payment Technologies market and is also projected to grow with fastest growing CAGR. Increasing adoption of smartphones, increasing penetration of e-commerce giants such as Google Pay, Samsung Pay, Paytm, government support for digitization, and development in network technologies such as 4G, and 5G, are the prime factors behind the growth of the market. China is the leading market whereas, India, followed by Singapore and Australia are projected to register highest growth rate in the coming years. “Digital India” campaign is one of the major moves by the Government of India to promote mobile based payments in the country. Banking cards, Aadhaar Enabled Payment System (AEPS), UPI, mobile wallets, PoS, Internet Banking, and Bharat Interface for Money (BHIM) app are some of the popular mobile payment methods in India.
Europe is also projected to show significant growth in the coming future. High growth of e-commerce sector and increasing adoption of PoS solutions (including cards as well as NFC) by merchants such as restaurants, supermarkets, food & beverage, and entertainment sector are the major driving factors for the growth of the market. However, security concerns raised by the people is expected to hinder the market growth in coming years.
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List of Tables
Table 1 Mobile Payment Technologies Market, By Region, 2018–2023
Table 2 North America: Mobile Payment Technologies Market, By Country, 2018–2023
Table 3 Europe: Mobile Payment Technologies Market, By Country, 2018–2023
Table 4 Asia-Pacific: Mobile Payment Technologies Market, By Country, 2018–2023
Table 5 Rest Of The World: Mobile Payment Technologies Market, By Region, 2018–2023
Table 6 North America: Mobile Payment Technologies Solutions Market, By Country, 2018–2023
Table 7 Europe: Mobile Payment Technologies Solutions Market, By Country, 2018–2023
Table 8 Asia-Pacific: Mobile Payment Technologies Solutions Market, By Country, 2018–2023
Table 9 Rest Of The World: Mobile Payment Technologies Solutions Market, By Region, 2018–2023
Table 10 Global Mobile Payment Technologies Solutions Market, By Region, 2018–2023
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