The global mobile payment technology market is expected to mobile payment technology grow at a significant CAGR during the forecast period 2024-2031. The is an alternate, reliable and modern technique of payment or transaction over a traditional payment system that mainly includes cash, credit cards and cheques as an intermediate to complete the payment activity. The mobile payment technology allows a consumer to perform the activities over a wireless platform using various devices including mobiles, smartphones, desktops and tablets among others and make it easy for customers to get goods and services with improved and secure transaction methods.
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The advanced technological features attributed by mobile payment technology include direct mobile billing, SMS based transactions and near field communication (NFC) are major factors expected to drive the market growth of the global mobile payment technology market. These features enable safe and secure transaction of payments over any platform that promote mobile payment technology and leverage consumer to attempt secure and reduced risk transactions. Thus, it will upsurge the demand for mobile payment and is anticipated to provide lucrative growth opportunities for the global mobile payment technology market.
The rapidly growing trends for mobile payment technologies to serve improved payment solutions for end-user, increasing investments and initiatives by the government and growing smart appliances adoption by consumers are some aspects that are projected to drive the market growth of the mobile payment technology market across the globe. The trending emergence of cash technologies with integrated mobile applications is due to the availability of various web-based smart devices. This will support mobile payment over a particular application and contribute to flourishing the growth of the global mobile payment technology market and expected to introduce exponential growth opportunities during the forecast period. Additionally, the increasing adoption of IoT and Cloud-based services is further anticipated to boost the growth of the global mobile payment technology market during the forecast period.
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Market Coverage
- Segment Covered-
o By Modes Of Transaction
o By Type Of Mobile Payments
o By Application
- Competitive Landscape- Vodacom Group ltd., Bharti Airtel ltd., Paypal Holdings Inc., Millicom International Cellular, Safaricom Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Mobile Payment Technology Market by Segment
By Mode of Transaction
- SMS
- NFC
- WAP
By Type of Mobile Payment
- Mobile Wallet
- Bank Cards
- Mobile Money
By Application
- Entertainment
- Energy & utilities
- Healthcare
- Retail
- Hospitality
- Transportation
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