DUBLIN--(BUSINESS WIRE)--The "Mobile Payments Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The mobile payments market was valued at USD 1139.43 billion in 2019. Stores and services across the globe are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay and WeChat Pay, to accept payments. Owing to changing lifestyle, daily commerce, and rapid growth in online retailing, this trend is expected to continue over for subsequent many years.
- With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of the mobile payment market.
- Companies are rigorously investing in mobile payment technology owing to significant growth in the industry. For instance, in the Indian market, WhatsApp is working with ICICI bank to introduce mobile payment features through UPI (unified payments interface).
- Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for vendors.
- Closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry.
E-commerce to Drive the Mobile Payments Market
- The increasing number of data analysis tools and big data analytics are helping vendors customize their offerings increasing the possibility of a sale.
- According to the E-commerce Foundation, more than 25% of consumers purchase weekly via mobile devices with most of the purchases being made via a retailer's app or website.
- With the increasing number of omni-channel vendors all over the globe and specifically in Asia-Pacific countries such as India and China, this scenario is expected to boost the mobile payments market.
- According to a report by Credit Suisse, the digital payments market in India is currently pegged at USD 200 billion and expected to reach USD 1 trillion by 2023. With the entry of companies like Paytm and Google Pay the market is becoming quite attractive for other companies to establish their service.
Asia-Pacific to Offer New Opportunities in the Mobile Payments Market
- The Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of the mobile payment market.
- In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific).
- According to Visa Inc., the company surpassed more than 20 million contactless cards in 2018 in India. The company also reveals that contactless payment methods and QR transactions account for more than 25% of the transactions processed by Visa in India.
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On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa Inc., 79% of the transactions carried out in the country are carried out through an electronic medium, with only 21% cash transactions.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Market Opportunity
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.2 By End-user Industry
5.3 Geography
6 COMPETITIVE LANDSCAPE
7 INVESTMENT SCENARIO
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- Google LLC
- Samsung Group
- Amazon.com, Inc.
- Apple Inc.
- Paypal Inc.
- Visa Inc.
- American Express Co.
- Orange SA
- Alipay.com Co. Ltd
- Mahindra ComViva
For more information about this report visit https://www.researchandmarkets.com/r/57m5gv
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