Published On:July 11, 2017, 10:02 am
Mobile payment is generally a payment services mode performed under financial regulation via a mobile device. Instead of paying with cash, cheque or credit cards, an end user can pay using a mobile phone. Mobile payment mode is also referred to as mobile wallet, mobile money, and mobile money transfer. In other words, Mobile payment allows customers to make instant payments for services and products by using a device such as a smart phones, tablets or cell phones, which work as payment vehicles. Mobile payment technology has a long history and is being adopted worldwide in different ways with rapid speed. This technology is gaining popularity due to factors like ease of payment, no need to carry card or cash, easy accessibility, and user-friendly software etc.
In 2015, the Global Mobile Payment Services Market was evaluated at USD 549.91 billion. It is anticipated to reach whooping USD 3388 billion by the end of 2022. The compound annual growth rate is expected to be massive 33.4% during the forecast period of 2017 to 2022. Increasing adoption of innovative technologies like wearable devices, near field communication, and rising mobile sale are projected to boost the demand for mobile payment technologies in coming years. The implementation of immediate payment Services is continuously growing in developing countries in Asia Pacific and Middle East Asia. This is also a key factor which is likely to boost the mobile payment Services market in the near future. Apart from this, high investment in this sector to boost technology advancement resulting in better payment service to the consumers are also expected to propel the growth of the mobile payment Services market.
In addition, growing government led initiatives and increasing adoption of smart appliances and integration of IT with payment applications are anticipated to fuel the market growth. Consequently, it is predictable that the increased use of the internet will encourage more payments through mobile wallets during the forecast period. Some companies also contributing to market growth by encouraging the mobile payments, for example, Starbucks Corporation established the Mobile Order & Pay app across the United States to facilitate preorder for customers, so that they can avoid waiting in long queues.
The key market players for the Global Mobile Payment Services Market are Deutsche Telekom (Germany), Bharti Airtel Limited (India), Alipay (China), AT&T (US), DoCoMo (Japan), Korea Telecom (Korea), Tencent (China), Samsung Pay (Korea), PayPal (US), LG Uplus (Korea), Softbank (Japan), Apple Pay (US), Huawei (China), Google Wallet (US), Amazon (US), SK (Japan) and KDDI Corporation(Japan). On the basis of product type, the market industry is classified into; NFC, QR Droid, and BLE technology. By application, the market industry is split into; Shopping, Hotel Booking, Bill Payments, Air Tickets and Boarding Passes, Entertainment, Rail, Metro and Bus Tickets and Other Applications. Geographically, the market is segmented into regions which are Europe, Asia-Pacific, Southeast Asia, North America, Latin America, Africa, Middle East and rest of the world.
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