The global mobile payment technologies market is expected to reach a valuation of US$ 111.2 Tn by 2032 from US$ 13 Tn in 2022, rising rapidly at a CAGR of 25.6% throughout the forecast period.
Due to the fast growth of high-speed internet and the increasing adoption of smartphones, the demand for mobile payment technologies is projected to grow rapidly during the forecast period.
The sales of mobile payment technologies are expected to see significant growth due to the increase in the adoption of mobile payment technologies to provide immediate payments through mobile phones.
The use of smart appliances and mobile data is rapidly growing, which is also increasing the sales of mobile payment technologies. This is due to the ease of communication and rising customer demand for mobile payment technologies around the world.
The mobile payment technologies market is anticipated to grow as mobile payment solutions necessitate the use of smart appliances such as tablets and smartphones with related applications. Furthermore, the demand for mobile payment technologies is growing as payments can be made without the need for traditional financial transaction channels.
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Due to the increasing popularity of smartphones and tablets in emerging nations, the mobile payment technologies market size is projected to expand swiftly during the forecast period.
Increased usage of advanced technologies such as mobile point-of-sale (m-POS), wearable devices, and near-field communication (NFC) is expected to aid the growth in sales of mobile payment technologies.
A versatile installation is a concept in which a small electronic device, such as a mobile phone, tablet, or wireless device, is used as an installation medium. Buyers can make fast payments for goods and services thanks to portable installment technology.
In the coming years, a growing number of cutting-edge developments, such as near-field communication (NFC), wearable electronics, and mobile point-of-sale (m-POS), are expected to boost the demand for mobile payment technologies.
Avoiding the use of coins, money, paper media, and plastic, such as bank exchanges, checks, charge/Mastercards, and money, results in the use of versatile installment advancements.
Due to the obvious growing acceptance of cell phones and tablets across emerging economies, advancements in portable installations are also spreading at a faster rate.
One of the major factors restricting market growth is consumer preference, which is often due to a lack of awareness of various mobile payment services and features available for specific handsets.
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Apart from these considerations, users are concerned about the security and privacy of mobile wallets as a result of an increase in cyber-attacks on financial data. According to a study, 52 percent of customers in North America are very familiar with mobile payment technologies.
Integration of IoT with payment applications opens a lot of opportunities for mobile payment technologies and the development of robust payment technologies. Furthermore, IoT-enabled gadgets can provide secure payments and better convenience for both recipients and customers.
Key Takeaways
- The remote payment segment is projected to lead the mobile payment technologies market with a CAGR of 23.2%. The expansion of the category is attributable to customers’ increased use of mobile wallets for payment at stores or for e-commerce.
- During the forecast period, the money transfers & payments segment is expected to dominate the mobile payment technologies market with a CAGR of 23.6%.
- During the forecast period, Asia Pacific is predicted to have a dominant position, accounting for more than half of the mobile payment technologies market, followed by North America.
- China is expected to hold the highest market share of US$ 73.1 Tn during the forecast period.
- The high growth of the mobile payment technologies market share in the Asia Pacific is fueled by the increasing penetration of smart appliances such as smartphones.
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Competitive Landscape
The increased adoption of mobile payment technologies is driven by the rise in advance payment solutions offered by technology providers.
Several service providers in the mobile payment technologies market are investing in application-specific tool development and are focusing on new product development, collaborations, and mergers and acquisitions as part of the strategy to expand geographical reach in the global mobile payment technologies market.
Alphabet Inc., Microsoft Corporation, Apple Inc., Boku Inc., and Fortumo OÜ are among the major players in the global mobile payment technologies market.
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