“During COVID-19 outbreak, the retail segment accounted for the highest market share in mobile payment market, due to high demand of contactless payments in retail shops such as grocery and drug stores which helps in reducing chances of virus transmission.” Mobile payment enables instant money transfer and a secured substitute for cash-based transactions to the customers. The increasing availability of high-speed mobile networks along with the increasing penetration of smartphones is boosting the adoption of mobile-based payment solutions. The digitalization of payment services and growing e-commerce businesses are contributing to the growing market trends. The digital generation, i.e. generation Z, is likely to create vast opportunities for the payment industry. The companies are offering rewards, redeem points, loyalty points, and among others to attract the customer for paying through mobile devices.
According to this latest study , Mobile Payment market size was accounted at $1.48 trillion in 2019 and is projected to reach $12.06 trillion by 2027 with a growing CAGR of 30.1% over the forecast period.
Mobile Payments Market - Size, Competitive Landscape and Segmentation Analysis: The coronavirus COVID-19 has impacted the global economy and humans significantly. It has drastically changed the channels and modes of transactions done by consumers and merchants. Today, people are more cautious about transacting in cash while shopping in public places. This has triggered a sudden spike in demand for contactless payment methods such as mobile wallets, NFC, QR code and more. In March 2020, the World Health Organization (WHO) recommended the consumers across the globe to adopt a contactless payment mode. This has helped to raise the payment transaction using mobile and boosted the contactless payments modes such as QR code, tap to pay by near field payment NFC, and carrier billing payment, among others.
The Top Key Players covered in the Mobile Payments market report is: Apple Inc.,Google LLC,American Express Company,JP Morgan Chase & Co,Paypal Holdings ,PayU,Samsung,Visa,Mastercard,One97 Communications Limited,Others Segmentation of Mobile Payments Market Market Segmentation Analysis By Type: Remote, Proximity Market Segmentation Analysis By Transaction Mode: Mobile Web Payments,SMS/direct Carrier Billing,Near Field Communication,Others Market Segment by Regions and Countries Level Analysis: · North America (U.S., Canada, Mexico) · Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe) · Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC) · Middle East & Africa (GCC Countries, South Africa, Rest of MEA) · South America (Brazil, Argentina, Rest of South America) Covid-19 Impact and Recovery Analysis on Industry: We've kept track of Covid-19's direct impact on this market as well as its indirect impact on other industries. During the analysis period, the impact of the Covid-19 pandemic on the market is predicted to be significant. From a worldwide and regional viewpoint, this report examines the influence of the pandemic on the Mobile Payments industry. The study categorizes the Mobile Payments industry by type, application, and consumer sector to determine market size, market features, and market growth. It also includes a thorough examination of the factors that influenced market development before and after the Covid-19 pandemic. In addition, the research did a pest analysis in the sector to investigate major influencers and entrance obstacles. Market Scope: The "Global Mobile Payments Market Analysis To 2028" is a specialized and in-depth study of the Mobile Payments industry with a special focus on the global market trend analysis. The report aims to provide an overview Mobile Payments market with detailed market segmentation by type, component, end-users, and geography. The global Mobile Payments market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the Mobile Payments market players and offers key trends and opportunities in Mobile Payments market. The goal of the research report is to help develop business strategies that help meet the needs of end-user consumers and penetrate deeply into the market. Mobile Payments market research also discusses significant market events that could have a positive or negative impact on the participants. It covers product offerings, revenue analysis, production capabilities, gross margins and many other important aspects that affect a company's profitability in the marketplace. Points Covered in The Mobile Payments Report · The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc. · The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. · The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail. · Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements. · The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
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