According to the latest business intelligence report by IndustryARC on Mobile Payments market, the ongoing trend of financial inclusion has led the market size towards staggering $3.21 billion in 2018. As quoted by the analyst “With smartphones impacting consumer’s lifestyle from communication to entertainment, it is undertaking the financial inclusion process via mobile payments.” And, with several types of transactions such as Direct, WAP, SMS and USSD, equipping the consumers with desired and preferred options, the opportunities in the market are progressing with a global CAGR of 29.85% during the forecast period 2019-2025.
This research study examines the current mobile payments market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an overall picture of the market. The analysis presents in-depth information regarding the industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been thoroughly covered to offer stakeholders a better understanding of the key factors affecting the overall market environment. The report is titled “Mobile Payments Market: By Transaction Types (Direct, WAP, SMS and USSD); By Applications (Travel & Ticketing, Banking and Others); By Geography – Forecast (2019 - 2025).”
Mobile Banking - The new front of BFSI
Since myriad of services are available over the internet to be utilized and internet banking receiving the utmost penetration [PN2] with the advent of mobile banking, combined ticketing and banking services are estimated to be the fastest growing application segment opting for mobile payments. As per the analyst, this segment is gaining momentum through 2025 with a CAGR of 37.80%. Similarly, as per India Brand Equity Foundation (IBEF), 81% of existing digital payment users in India prefer digital and mobile medium for banking over other non-cash payment methods such as demand draft or cheque.
North America leveraging its existing IT infrastructure, and unparalleled growth of e-commerce platform. It is the most lucrative region for the market with a share of 34.18% in global demand in 2018. With majority of key players in North America such as PayPal and Microsoft, this region leads the innovative front with trial of novel technologies such as contactless payments and near filed communication.
Mobile Payments Market Growth Drivers and Trends:
1. Innovations such as bank to bank transfers via UPI, contactless payments, QR code payments, cloud-based mobile payments and security measures including biometric sign-ins and OTP are boosting the adoption of mobile payment services.
2. The number of smartphone users across the globe is witnessing an unprecedented growth. According to GSMA (Global System for Mobile Communications), there will 700 million new mobile subscribers by 2025. . With brands like Xiomi and Samsung penetrating the budget-segment devices, high number of consumers are opting for smartphones with mobile payments compatibility.
3. E-commerce market globally is disrupted by the advent of m-commerce (mobile commerce). It is a major factor impelling the growth of mobile payments market share as it is exclusively reliant on mobile phones for digital transactions. M-commerce is reducing the cash transaction by providing various offers and discounts to customers opting for mobile payments.
4. The trend of sanctioning loans from international financial institutions for ‘financial inclusion’ in developing economies is a disruptive trend for mobile payments market, as it provides funding for financial institutions to leverage novel innovation and adopt modern infrastructure. For instance, Pakistan Financial Inclusion and Infrastructure Project received an assistance of $130m by two World Bank institutions - Development and the International Development Association and International Bank for the Reconstruction.
Mobile Payments Market - Competitive Landscape
Some of the key players operating in the global mobile payments market are Amazon, PayPal holdings, Inc., Alipay, Alphabet Inc., Microsoft Corporation, Boku, Inc., AT&T, Inc., MasterCard International, Inc., Visa, Inc., and American Express.
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What can you expect from the report?
The Mobile Payments Market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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