Mobile Payment Market is expected to grow to a market of $3388 Billion and at a CAGR of 36% in the forecasted period of five years.
The widespread use of mobile devices like laptops, tablets and phones has led to the growth of Global Mobile Payment Market.
Expanded market of cell phones, development in m-trade industry, change in way of life, and the requirement for brisk and bother free transactions are the main considerations that drive the market growth.
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Keeping in mind the end goal to grow their market share, worldwide players have launched new mobile payment apps and mobile wallet that enable clients to make payments and money transfer with their cell phone.
With the boom of technology, almost 54% of all mobile users are now opting for mobile payment apps for various transactions. Tech-savvy consumers now opt to shop online through their smartphones. Consumers often do their travel bookings through mobile apps.
Ascend in disposable income, tumultuous way of life, and infiltration of mobile phones combined with expanded web utilization has encouraged individuals and organizations to opt for mobile transactions as it is speedy and bother free.
Despite the way that the mobile payment market is flourishing, there is an absence of engagement among customers about adopting the new advancement. It is one of the major constraining components for the improvement of the market.
Customers are in like manner put off by the deferrals in return some still cash transactions to coordinate the trade. Both the customers and shippers are not totally aware of the working structure of the mobile payment innovation and that is an explanation behind stress for the general improvement of the market.
The market for Mobile Payment can be segmented based on three aspects: by type, application and product type. Based on the type, the market can be segmented into two segments, Proximity Payment and Remote Payment. Proximity payment can be further sub-segmented into QR Code Payment and Near Field Communication (NFC). Remote Payment can be further sub-segmented into four sub segments: SMS Based, USSD/TSK, Direct Operator Billing and Digital Wallet.
Based on the application of the mobile payment, the market can be segmented into six segments: Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality & Transportation and others. Based on the product type, the market can be segmented into five segments: Money Transfers and Payments, Airtime Transfers and Top-ups, Travel and Ticketing, Merchandise and Coupons and others.
The major regions of the Global Mobile Payment Market are North America, South America, Europe, Asia Pacific, Middle East and Africa.
The key players in the Global Mobile Payment Market are Orange S.A. (France), Vodacom Group Limited (South Africa), MasterCard Incorporated (U.S.), Bharti Airtel Limited (India), MTN Group Limited (South Africa), Safaricom Limited (Kenya), PayPal Holdings, Inc. (U.S.), Econet Wireless Zimbabwe Limited (South Africa), Millicom International Cellular SA (Luxembourg), and Mahindra Comviva (India).
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