Global Mobile Payment Technologies Market Outlook, Opportunities And Strategies
Learn about the global mobile payment technologies market through The Business Research Company, which provides information on mobile payment technologies market size, mobile payment technologies market drivers and restraints, mobile payment technologies market players, the COVID-19 impact on the mobile payment technologies market, and more.
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The global mobile payment technologies market is expected to grow from $51.96 billion in 2020 to $60.42 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The mobile payment technologies market is expected to reach $174.29 billion in 2025 at a CAGR of 30.3%.
The initiatives taken by governments to promote a cashless economy is expected to drive innovation in mobile payment technologies, thus driving the market during the forecast period.
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The mobile payment technologies market consists of sales of mobile payment technologies and related services. This market deals with a method of payment that does not involve cash or cheques, but allows consumer to make immediate payments using portable electronic devices such as smartphones or tablets.
Global mobile payment technologies market segments include:
By Solutions: Point-Of Sale (POS), In-Store Payments, Remote Payments
By Application: Retail & E-Commerce, Healthcare, BFSI, Enterprise
By POS Solutions: Near-Field Communication (NFC) Payments, Sound-Wave Based Payments, Magnetic Secure Transmission (MST) Payments
By In-Store Payments Solutions: Mobile Wallets, Quick Response (QR) Code Payments
By Remote Payments: Internet Payments, SMS Payments, Direct Carrier Billing, Mobile Banking
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The integration of Internet of Things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market. IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction. The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends. Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies.
TBRC’s mobile payment technologies market report covers:
Major Market Players: PayPal, Inc., MasterCard, Bharti Airtel, Google, Inc. and Apple Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Mobile Payment Technologies Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides mobile payment technologies market overviews, analyzes and forecasts market size, share, mobile payment technologies market players, mobile payment technologies market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s mobile payment technologies market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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