Mobile Payment Technologies Market Dynamics Influenced by Novel Coronavirus Pandemic

Market Research Future has published a Half-Cooked Research Report on the Global Mobile Payment Technologies Market.

Mobile Payment Technologies Market Highlights

Market Research Future (MRFR), in its latest report on the Global Mobile Payment Technologies market 2020, reveals forces that can alter the course of growth of the market through the study period. A detailed analysis of the influence of COVID 19 on the mobile payment technologies market is provided along with the report. As per MRFR evaluation, the mobile payment technologies market can thrive at 17% CAGR in the forecast period 2018-2023. MRFR analysis states that the mobile payment technologies market can valued at USD 87-88 billion from USD 37 billion from 2017 to 2023. Development in digital technology and ease of internet connectivity can support the expansion of the market in the years to come.

Market Segmentation

The segment study of the global Mobile Payment Technologies market is based on solutions, organization size, deployment mode, and vertical.

The solutions based segments of the Mobile Payment Technologies market are in-store payments, point-of sale (PoS) solutions, and remote payments. The PoS solutions segments are sound-wave based payments, near-field communication (NFC) payments, and Magnetic secure transmission (MST) payments. The In-store payments solutions segments are Quick response (QR) code payments and mobile wallets. The remote payments segments are direct carrier billing, SMS payments, Internet payments, and Mobile banking. The high utility of NFC payments and increase in the application of PoS solutions are expected to support the expansion of the market across the study period.

The deployment based segments of the Mobile Payment Technologies market are on-premise, hybrid, and on-cloud. The high reliability of hybrid mobile payment technology and increase in on-cloud deployment of mobile payment technologies can support the expansion of the global market of mobile payment technologies.

The organization size based segments of the Mobile Payment Technologies market are SMEs and large enterprises. The rise in the utility of mobile payment technology in SMEs and growing adoption of mobile payment technology in large enterprises can generate high revenue for the market.

The vertical based segments of the Mobile Payment Technologies market are Retail & E-commerce, BFSI, IT & Telecommunication, and Media & Entertainment among others. The IT and telecom, and BFSI are high end-users of the mobile payment technology, which can prompt the expansion of the market through the study period.

Regional analysis

North America mobile payment technologies market is expected to secure the highest share in the worldwide market due to the highest use of smartphone. The increase in the utility of mobile payment technologies, such as PayPal, BlueSnap, Google, and Global Payments among others can boost the expansion of the regional market in the years to come. In addition, developed infrastructure and rise of the digital culture can support the expansion of North America market. The booming mobile commerce and rise in the food and beverage industry can support the expansion of the mobile payments market in the North America region.

In Asia Pacific, the expansion of the mobile payment technologies is expected to thrive at a high growth rate across the forecast period. Advances in digital technology and increase in smartphone adoption can promote the expansion of the market across the study period. The rise in the adoption of online or mobile payment modes can support the expansion of the market in the years to come.

Key players

Six Payment services First Data, Google, Fiserv, Worldpay, PayPal, Paytm, ACI worldwide, Wirecard, Novatti, global payments, PayU, Dwolla BlueSnap, , Stripe, and Paysafe among others are some reputed companies operating in the Mobile Payment Technologies global market as listed by MRFR.