Mobile Payment Technologies Global Market Report 2021: COVID-19 Growth And Change To 2030
Major players in the mobile payment technologies market are PayPal, Inc. , MasterCard, Bharti Airtel, Google, Inc. and Apple Inc. The global mobile payment technologies market is expected to grow from $51.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Mobile Payment Technologies Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151583/?utm_source=GNW
96 billion in 2020 to $60.42 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $174.29 billion in 2025 at a CAGR of 30.3%.
The mobile payment technologies market consists of sales of mobile payment technologies and related services. This market deals with a method of payment that does not involve cash or cheques, but allows consumer to make immediate payments using portable electronic devices such as smartphones or tablets.
The mobile payment technologies market covered in this report is segmented by solutions into point-of sale (PoS), in-store payments, remote payments. It is also segmented by application into retail & E-commerce, healthcare, BFSI, enterprise; by PoS solutions into near-field communication (NFC) payments, sound-wave based payments, magnetic secure transmission (MST) payments; by in-store payments solutions into mobile wallets, quick response (QR) code payments and by remote payments into internet payments, SMS payments, direct carrier billing, mobile banking.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Security issues and threat of data breach is an important restraint on the mobile payment technologies market.This is mainly because lot of information and data is transferred in digital payments, which becomes a challenge for data security.
There are multiple security issues like frauds & chargebacks, technical integration, malicious app clones, and mobile frauds that have an adverse impact on this market. For example, PayPal announced a security breach that put over 1.6 million customer’s data at risk and as a compensation, the company had to offer free credit monitoring services for those who needed it.
The integration of Internet of Things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market.IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction.
The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends.Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies.
For example, MasterCard integrated IoT for bringing payments to a wide range of consumer products for around 50 billion devices that are expected to be connected to the internet by 2020. The company is also planning to come up with latest IoT-based devices to boost digital payments.
In 2019, Fidelity National Information Services (FIS) acquired Worldpay Inc. for approximately $35 billion. Through this acquisition, FIS aims to expand its payment processing capabilities and also enhance the scalability of both the companies. Worldpay is a global company providing payment processing technology & solutions to their customers. It was founded in 1997 and is headquartered in London, the UK.
The initiatives taken by governments to promote a cashless economy is a major driver for the growth of the mobile payment technologies market.A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment.
In this regard, government across the world along with the central banks are taking several initiatives to move towards a cashless economy, which ultimately leads to the growth of the mobile payment technologies market.According to a study conducted by MasterCard in 2019, the UAE has one of the fastest changing payment ecosystems because of a strong government leadership to promote electronic payments.
For example, in May 2019, the Dubai Department of Finance launched a new digital payment wallet which is specially designed to pay government fees. This digital payment wallet facilitates smooth transfer of funds and promotes mobile payment technologies.
The mobile payment technologies market is governed by the Payment Services Directives (PSD2) which regulates the payment service providers throughout the European Union (EU) and European Economic Area (EEA).This regulation primarily focuses on developing a more integrated payments market in Europe and encourages non-banks to participate in this industry to enhance competition.
PSD2 also ensures safer and more secured payments to increase protection of the customers and their data. Hence, this regulation is expected to further drive the mobile payment technologies market by providing smooth and efficient payment experience for both customers and payment service providers.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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