The mobile payment market refers to the industry that provides mobile-based payment services and solutions, such as mobile wallets, mobile banking, and in-app payments, to consumers and merchants. Mobile payments allow users to make transactions using their smartphones or other mobile devices, eliminating the need for cash, credit cards, or other traditional payment methods. The market is driven by factors such as the increasing adoption of smartphones and mobile internet, the growing number of e-commerce transactions, and the convenience and security offered by mobile payments.
The development of an intuitive user experience for customers and businesses is another priority for mobile payment firms. It is anticipated that this would lead to an increase in the reliance on mobile payments. Companies that accept mobile payments also provide perks and rebates. Due to this, more people are using mobile payments.
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Key Segments Covered
- By Technology :
- Direct Mobile Billing
- Interactive Voice Response System based Mobile Payment
- Mobile App based Payments
- Mobile Payments via Near Field Communication
- Mobile Web Payment
- Mobile Payment via SMS
- Other Mobile Payment Technologies
- By Type :
- Other Payment Types
- By Location :
- By End Use :
- Media & Entertainment
- IT & Telecom
- Retail & E-commerce
- Other End Uses
- By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Key Takeaways from the Market Study
- By location, remote payments expected to hold more than 60% market share for mobile payment market.
- By end use, BFSI industry expected to hold more than 20% market share for mobile payment market.
- Mobile payment industry expected to possess nearly 25% market share throughout North America.
- Mobile payment industry expected to possess nearly 35% market share throughout Asia Pacific.
- U.S, China and India top three countries driving demand for mobile payment.
Key Companies Profiled
- Google (Alphabet Inc.)
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Alibaba Group Holdings Limited
- PayPal Holdings Inc.
- WeChat (Tencent Holdings Limited)
- American Express Company
- M Pesa
- Money Gram International
- Amazon.com Inc.
- Apple Inc.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global mobile payment market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032. The study indulges essential insights on the market on the basis of technology (near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile apps and others), type (B2B, B2C, B2G and others), location (remote payment and proximity payment) and end use (media & entertainment, healthcare, IT & telecom, retail & e-commerce, transportation, BFSI and others) across five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).
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