Mobile Payments Market Accretes Up to USD 3,300 Billion by 2023 at 32% of CAGR: Confirms MRFR

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Pune, India — 11/17/2017 — Mobile Payments Market Overview

The Global Mobile Payments Market is growing with the rapid pace; mainly due to the augmented penetration of Smart Phones and the technological advancements that offers convenience According to a recent study report published by the Market Research Future, The global market of Mobile Payments is booming and expected to gain prominence over the forecast period. The global Mobile Payments Market is projected to climb up to USD 3,300 Billion by 2023, at a staggering double digit CAGR of 32 % between 2017and 2023.

Mobile payments are a cashless medium for day-to-day transactions. A technology that enables users to make immediate cashless payments by use of smartphones. The Competitive market of Mobile Payments is predominantly driven by the technological advancements transpired in today's world. Adoption of advanced technologies like near field communications (NFC) is making it more popular. NFC enables users to establish a connection between two electronic devices like smartphones by just bring them close to each other. Moreover, the other driving factors include the convenience of use, secured approach, speed and offers attached to it. Additionally, burgeoning e-commerce transactions are providing impetus to the market growth of Mobile Payments. As online purchases have increased, there is increase in online payments too. There is effective growth in acceptance of the mobile payments as it is a convenient and cost effective way of making payments. Moreover, government initiatives are dictating adoption of cashless transactions which is in turn expected to foster the market growth of mobile payments. For instance; Recently, Govt. of India has started promoting the cashless economy in order to overcome various negative influences in economy which in playing a vital role in the growth of the Mobile Payment market. Also, efficacy and convenience offered by the Mobile Payment apps acts as key driver for consumer mobile payments.

Industry News:

– In Sep.2017, Google launched “Tez”, a mobile payments app for India that uses Audio QR to transfer money

– In January, 2017, Ingenico Group announced that it has reached an agreement in principle to acquire TechProcess Payment Services Ltd, an Indian electronic payments services provider from its current shareholders (major global and Indian investors).

– In March, 2017, Chase Pay Acquired MCX Mobile Payments Technology

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Mobile Payments Market Competitive Analysis

Players operating in the global Mobile Payments markets are focusing upon optimized situational awareness for customers and ensure their mission success. Characterized by the presence of several major well-established players, the global Market of Mobile Payments appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period.

Due to increase in mobile payments, many companies are coming up with their own mobile apps and digital wallets to make the payment process easier for customers. For example – MasterCard has its own digital wallet MasterPass. Similarly, Starbucks Corporation has come up with its own mobile app to make the pay and order process hassle free. (China),, Inc. (U.S.), Apple (U.S.), Starbucks Corporation (U.S.), PayPal holdings, Inc. (U.S.), General Motors Company (U.S.), MasterCard Incorporated (U.S.), Samsung Group (South Korea), Paytm (India), and Square, Inc. (U.S.) are some of the prominent players at the forefront of competition in the Global Mobile Payments Market and are profiled in MRFR Analysis.

Mobile Payments Market Segmentation

The Mobile Payments Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Mode of Payment: Comprises Mobile wallet/Bank cards and Mobile Money.

Segmentation By Mode of Transaction: Comprises Short message service (SMS), Wireless application protocol (WAP) and Near field communication (NFC).

Segmentation By End Use Application: Comprises Retail, Entertainment, Education, Healthcare, Hospitality and other.

Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

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Mobile Payments Market Regional Analysis

The regional analysis of mobile payments market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. Due to increasing awareness of mobile banking and mobile wallets, the market share of Asia Pacific is gradually increasing. It has been observed that, owing to the technological advancements, Europe would dominate the mobile payments market.

The study indicates that Europe region would account for larger share in Mobile payments market. As Europe is a technologically advanced region, there is high speed connectivity which in turn increases the sales of smartphones.

Globally, the competition is being dominated by the giants like Apple Pay, Android Pay and Samsung Pay.

Mobile payments market in Asia Pacific region is expected to show a positive growth over the forecast period owing to factors such as improved technologies like NFC, wearable devices etc. A significant penetration of smartphones in the countries like India and China has prompted the service providers to come up with more cashless payment options.

About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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