The Mobile Payments Market is a rapidly expanding segment of the financial industry, enabling users to conduct transactions through smartphones and tablets using various technologies like contactless payments and mobile wallets. Its convenience, enhanced security, and the boom in e-commerce have contributed to its widespread adoption. However, challenges such as infrastructure limitations and security concerns remain. Nonetheless, as technology advances, mobile payments are poised to revolutionize the way we conduct financial transactions and play a central role in the future economy.
The report “Mobile Payments Market, By Purchase (Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing, and Digital Products), By Type (Proximity Payment (Near Field Communication (NFC) and QR Code Payment) and Remote Payment (SMS-Based, USSD/STK, Direct Operator Billing (Credit/Debit Card-Based), and Digital Wallet)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Trends, Analysis and Forecast till 2032”
Key Highlights:
- In March 2021, National Payments Corporation of India (NPCI) launched a new digital payments product for feature phone users and also for those who are not very comfortable for using mobile apps. The stage of the product is at the Proof of Concept (POC) and shall help further to accomplish the goal of taking digital payments to everyone
- In September 2022, Mastercard and Prophius have launched “Tap on Phone” technology that enables small business to accept the contactless using NFC-enabled Android phones. This launch is expected to boost the digital payment acceptance at small and micro enterprises in Nigeria, Uganda, Kenya and other countries by supporting consumers for safe digital payments.
Analyst View:
From an analyst's perspective, the Mobile Payments Market is witnessing robust growth driven by its convenience, secure features, and increasing e-commerce activities. The industry's potential for further expansion remains high, supported by ongoing technological advancements. However, challenges related to infrastructure and security must be addressed for sustained progress. Overall, the Mobile Payments Market presents a promising landscape with significant opportunities for innovation and transformation in the financial sector.
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Key Market Insights from the report:
Mobile Payments Market accounted for US$ 52.21 billion in 2022 and is estimated to be US$ 1390.2 billion by 2032 and is anticipated to register a CAGR of 36.6%. The Mobile Payments Market is segmented based on Purchase, Type and Region.
- Based on Purchase, Mobile Payments Marketis segmented into Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing, and Digital Products.
- Based on Type, Mobile Payments Marketis segmented into Proximity Payment (Near Field Communication (NFC) and QR Code Payment) and Remote Payment (SMS-Based, USSD/STK, Direct Operator Billing (Credit/Debit Card-Based), and Digital Wallet).
- By Region, the Mobile Payments Marketis segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Mobile Payments Market:
The prominent players operating in the Mobile Payments Market includes, MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo OU, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc., Tencent, Ant Financial Services Group, and Microsoft Corporation and others.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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