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(I-SoftwareNews.Com, May 26, 2018 ) The study of Global Mobile Payments Market 2018 provides the market size information, In-Depth Analysis along with Competitive Insights and Segmentation.
The mobile payment market was valued at USD 668.12 billion in 2017 and is expected to reach a value of USD 2410.75 billion by 2023 at a CAGR of 23.85% during the forecast period (2018 - 2023)
With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual Similarly, the internet has also become part and parcel of life for many people This has increased the penetration of smartphones and internet users all over the world driving the growth of mobile payment market The advancements in technology and introduction of various innovative products and services made mobile phones not only a telecommunication device but also as a monetary transferring device
Global Mobile Payment Market Segmentation By Type
Proximity Payment
Near Field communication (NFC)
Smart Cards
QR Code
Remote Payments
SMS
USSD/STK
Mobile Wallet
WAP
Virtual Prepaid Cards
Others
Mobile Point of Sale (mPOS)
Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for the vendors Conversely, closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry The partnerships between various payment networks and mobile operators to provide mobile payment solutions in the emerging markets is expected to give a significant boost to the industry in the near future
Exponential Growth in E-commerce to drive the Market
With increasing number of mobile devices all over the globe and high-speed cellular networks, e-commerce industry is in its best shape than ever before The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale According to the E-commerce Foundation, in 2017, the e-commerce industry all over the globe made revenue of USD 184 trillion out of which a major portion of sales is made via mobile devices According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices most of the purchases being made form retailer’s app or website With the increasing number of omni-channel vendors all over the globe, this scenario is expected to more boost to the mobile payments market in the next four years
Asia Pacific to Present New Opportunities
Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of mobile payment market In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific) According to Visa, Inc, the company has issued more than 200MM debit cards in 2017 in India The company also reveals that contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India
On the other hand, countries like Australia are evolving to be the giants of the mobile payment market According to Visa, Inc, 79% of the transactions carried out in the country are carried out through electronic medium leaving only a 21% transactions to take place in cash The company also suggests that there are more than USD 100 billion cash displacement opportunities in the country Along with these trends, the increasing investments in e-commerce industry of Asia Pacific region coupled with the Tokyo Olympics 2020 scenario are expected to boost the mobile payment market in the region in the next four years
Enquiry About Global Mobile Payments Market 2018 @ http://orbisresearch.com/contacts/enquiry-before-buying/2131363
Key Developments in the Market
February 2018 - Visa Inc, has announced that fourteen technology partners have joined its Visa Ready for Transit programme, as part of the company’s strategy to promote contactless payments on public transport around the world Companies from ten different countries are included on the list, along with Vix and Worldline, the initial members of the scheme when it was launched in November 2017
The major players include - VODAFONE GROUP PLC, GEMALTO NV (THALES GROUP), FIS GLOBAL, GOOGLE, INC, BHARTI AIRTEL LIMITED, MASTERCARD INCORPORATED, ORANGE SA, and MONITISE PLC, among others
Reasons to Purchase this Report
Current and future mobile payment market outlook in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements Please connect with our representative, who will ensure you get a report that suits your needs
Browse Global Mobile Payments Market 2018 @ http://www.orbisresearch.com/reports/index/global-mobile-payments-market-segmented-by-type-proximity-payment-remote-payment-and-mobile-point-of-sale-mpos-end-user-banking-and-financial-services-it-and-telecommunications-retail-and-region-growth-trends-and-forecast-2018-2023
Some of Major Point From Global Mobile Payments Market 2018 Table of Content
1. Introduction
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Research Methodology
1.4 Key Findings
2. Executive Summary
3. Market Overview
3.1 Overview
3.2 Value Chain Analysis
3.3 Industry Attractiveness - Porter'S Five Forces
3.3.1 Bargaining Power Of Suppliers
3.3.2 Bargaining Power Of Consumers
3.3.3 Threat Of New Entrants
3.3.4 Threa Of Substitute Product
3.3.5 Competitive Rivalry Within The Industry
4. Market Dynamics
4.1 Drivers
4.1.1 Exponential Growth of Ecommerce
4.1.2 Increasing Number of Loyalty Benefits in Mobile Environment
4.2 Restraints
4.2.1 Security and Authentication Issues
4.3 Opportunities
4.3.1 Increasing Demand From Asia Pacific
4.3.2 Personalized Marketing
Continued...
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