Mobile Payment Technologies Market Size Exhibits 32+% CAGR to Reach USD 323+Bn by 2028; Report by The Insight Partners
Mobile Payment Technologies Market 2022 Global Industry Share, Size, Growth, Demand, Revenue, Top Manufactures and Forecast 2028
NEW YORK, UNITED STATES, November 23, 2022 /EINPresswire.com/ — The Insight Partners offers a global report on “Mobile Payment Technologies Market Size, Share, Growth, Industry Trends and Forecast 2028-COVID-19 Impact and Global Analysis – by Technology, Payment Type, Type, and End Use,” delivering key insights and providing a competitive advantage to clients through a detailed report. Mobile Payment Technologies Market is expected to grow from US$ 45.36 billion in 2021 to US$ 323.03 billion by 2028 with an estimated CAGR of 32.8% from 2022 to 2028. This report gives you so valuable and essentials data of Market size, share, trends, growth, demand, applications, forecast and cost analysis. It will help you to grow in the international Market.
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In the mobile payment technologies market ecosystem, mobile payments began to pick up speed with the growth of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offered enticing discounts and cashback to encourage customers to use the payment channel. Due to tempting offers, simplicity of use, and rising smartphone penetration, digital wallet firms have made their way into consumers’ phones and pockets. Furthermore, in the mobile payment technologies market ecosystem, to broaden their appeal, digital wallets began pushing customers to use digital wallets for offline POS transactions such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations. These POS transactions will likely make up most of the digital payment platforms in the coming years. Thus, digital wallets are showing rapid growth and play a unique role in the mobile payment technologies market growth.
The Segments and Sub-Section of Mobile Payment Technologies Market are shown below:
By Mode of Transaction (Wireless End Use Protocol (WAP), Near-Field Communication (NFC), and Short Message Service (SMS))
By Payment Mode (Proximity Payment and Remote Payment)
By End Use(Hospitality & Tourism Sector, BFSI, Media and Entertainment, Retail Sector, Health care, Education, IT & Telecommunication)
Top Key Players (this may not be a complete list and extra companies can be added upon request):
Microsoft Corporation; Boku, Inc.; PayPal, Inc.; Alphabet Inc.; Apple, Inc.; AT&T, Inc.; MasterCard International, Inc.; Visa, Inc.; Ant Financial Services Group; and American Express, Co and more. Several other major companies were studied and analyzed during this research study to get a holistic view of the mobile payment technologies market and its ecosystem.
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Scope of Report:
The Market report lists the most important competitors and provides the insights strategic industry Analysis of the key factors influencing the market. This report will help you to establish a landscape of industrial development and characteristics of the Mobile Payment Technologies market. The Global Mobile Payment Technologies market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, price, cost, revenue and gross margins.
The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments especially during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to ease of use and growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, contributing to the mobile payment technologies market growth.
Further, mobile payment technologies market ecosystem, many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment, driving the demand for mobile payment technologies market. The mobile payment technologies market is soaring due to rapid advancements in e-commerce, mobile payment technologies, and the growing use of mobile wallets. Many banks across several countries have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale. Globally, several governments are taking key initiatives to digitize payments, boosting the demand for mobile payment technologies market. For instance, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe. Such initiative will boost the demand for mobile payment technologies market growth.
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Financial service companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects.
According to the Regional Segmentation the Mobile Payment Technologies Market provides the Information covers following regions:
North America
South America
Asia & Pacific
Europe
MEA (Middle East and Africa)
The key countries in each region are taken into consideration as well, such as United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.
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