Mobile Payment Market Huge Growth Till 2023 | Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited
Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living. The mobile payment trend has taken over traditional payment method, owing to current cashless transactions done using mobiles as a payment method. This payment method is easy and a hassle-free way to pay money virtually. Increased adoption of mobile payment in emerging economies of Asia-Pacific is expected to continue to foster growth in the mobile payment market in the coming years.
Mobile payment is used in stores and to make remote location payment via messages or mobile apps. Different types of mobile payment mediums, such as near-field communication (NFC), have been developed to provide faster money transactions. The mobile payment industry witnessed an important development when Apple announced the launch of Apple Pay, its new payment feature. This feature enables iPhone 6 and 6 plus customers to make payments at more than 200,000 retail locations in the U.S. In addition, in 2015, Starbucks Corp. launched the Mobile Order & Pay Program across the U.S. to enable customers to preorder and avoid waiting in long queues, thus boosting the market growth. Growth in e-commerce industry, increased penetration of smartphones, change in lifestyle, and the need for quick and hassle-free transactions drive the market growth. However, data breaches and security concerns impede this growth. Rise in knowledge, exposure to social media, and high potential in emerging economies are projected to present numerous growth opportunities for mobile payment market in the near future.
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The mobile payment market is categorized by mode of transaction, type of mobile payment, application, and geography. By mode of transaction, it comprises short message service (SMS), near-field communication, and wireless application protocol (WAP). Based on the type of mobile payment, it is bifurcated into mobile wallet/bank cards and mobile money. By application, it is sub-segmented into entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. As per the analysis, Asia-Pacific accounted for the largest mobile payment market share in 2016, owing to high mobile penetration platform for e-commerce transactions.
Key players profiled in the report include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva.
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Key Findings
KEY MARKET SEGMENTS
Mobile Payment Market by Mode of Transaction
Short Message Service (SMS)
Near-field Communication (NFC)
Wireless Application Protocol (WAP)
Mobile Payment Market by Type of Mobile Payment
Mobile Wallet/Bank Cards
Mobile Money
Note: If you need anything more than these then let us know and we will prepare the report according to your requirement.
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