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Market Research Report

Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

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Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
Published: April 12, 2021 Content info: 106 Pages
Description

The global mobile payments market reached a value of US$ 1.43 Billion in 2020. As per the estimates by IMARC Group, the market is anticipated to witness strong growth during the forecast period (2021-2026). Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Since mobile POS systems do not save the user's data on the merchant's POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.

Improving Networking Infrastructure Catalyzing Mobile Payment Market Growth

The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users. Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer's personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.

Integration with Innovative Technologies Creating Numerous Growth Opportunities

Numerous vendors are now offering lucrative loyalty and incentive programs on the use of these payments. They are also providing heavy discount coupons and cashback offers on the usage of m-commerce platforms to attract a broader consumer base. This, along with the introduction of pre-payment instruments (PPI) by various non-bank entities to assist in conducting interpersonal transactions, is acting as a major growth-inducing factor for the mobile-payment market. Moreover, key players have introduced easy payment options by scanning a unique barcode or QR code displayed on a banner or smartphone screen. These payment procedures are integrated with cutting-edge innovations as they enable secured bank-to-bank transfers with reduced transaction time. The market is further driven by the increasing adoption of artificial intelligence with these payment solutions. This integration allows retailers to recognize the buying patterns of their customers that will assist them in providing tailored and targeted services. Moreover, governments of several countries are undertaking initiatives to promote the adoption of digital payment methods, which is anticipated to create numerous growth opportunities in the market. Multiple players with a strong foothold in the global market are also expanding their businesses in untapped regions to create lucrative business opportunities. They are especially targeting developing nations to make digital transformations, thereby creating a positive outlook for the market.

Growing Preference for Contactless Payments Amid Pandemic Outbreak

Users are preferring contactless payment methods over traditional alternatives in an attempt to practice social distancing. This can be attributed to the outbreak of the coronavirus disease (COVID-19) on the global level, which has facilitated the adoption of e-payments by both the buyers and the sellers across the retail sector. In line with this, the lockdowns imposed by the governments of various countries amid the increasing cases of COVID-19 have resulted in the temporary closure of the majority of the brick and mortar stores. As a result, consumers are extensively using e-commerce websites to purchase essential and non-essential items. The increasing adoption of e-commerce platforms has provided an impetus to the utilization of e-payments, thereby creating a positive outlook for the market. This is further supported by the changing purchasing patterns of the masses, the flexible return and exchange policies offered by these online websites and the availability of diverse products at competitive prices.

Key Market Segmentation:

  • IMARC Group provides an analysis of the key trends in each sub-segment of the global mobile payments market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, mode of transaction and application.

Breakup by Mode of Transaction:

  • WAP (Wireless Application Protocol)
  • NFC (Near field communications)
  • SMS (Short Message Service)
  • USSD (Unstructured Supplementary Service Data)
  • Others
  • SMS (Short Message Service) exhibits a clear dominance in the market. This can be attributed to the easy and inexpensive setup required. This mode of transaction is widely gaining prominence as its use can facilitate both online and offline purchase options without the requirement of owning a smartphone.

Breakup by Application:

  • Entertainment
  • Energy and Utilities
  • Healthcare
  • Retail
  • Hospitality and Transportation
  • Others
  • Retail accounts for the majority of the total mobile payments market share due to the increasing preference for contactless payments. Since the use of these payments minimizes the hassle related to dealing with cash, they are widely being preferred by retailers on the global level. Consequently, retail players are now providing customers with QR code displays to further reduce the transaction time and offer enhanced convenience to both the parties involved.

Breakup by Region:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
  • Asia Pacific holds the leading position in the market. This can be accredited to the high adoption rates of smartphones and the increasing trend of digitization in the region, supported by the emergence of new e-commerce portals and the favorable initiatives undertaken by governments of various countries.

Competitive Landscape:

  • The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players. Some of these key players include FIS, Gemalto, MasterCard, PayPal, Alipay, Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo and ZipCash Card Services

Key Questions Answered in This Report:

  • 1. What will be the global mobile payment market outlook during the forecast period (2021-2026)?
  • 2. What are the major trends in the global mobile payment market?
  • 3. What is the global mobile payment market breakup by mode of transaction?
  • 4. What is the impact of COVID-19 on the global mobile payment market?
  • 5. What was the global mobile payment market size in 2020?
  • 6. What are the global mobile payment market drivers?
  • 7. What is the global mobile payment market breakup by application?
  • 8. What are the major regions in the global mobile payment market?
Table of Contents
Product Code: SR1020B162_Report

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Mobile Payment Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Breakup by Mode of Transaction
  • 5.5 Market Breakup by Application
  • 5.6 Market Breakup by Region
  • 5.7 Market Forecast
  • 5.8 SWOT Analysis
    • 5.8.1 Overview
    • 5.8.2 Strengths
    • 5.8.3 Weaknesses
    • 5.8.4 Opportunities
    • 5.8.5 Threats
  • 5.9 Value Chain Analysis
    • 5.9.1 Overview
    • 5.9.2 Research and Development
    • 5.9.3 Inputs
    • 5.9.4 Product and Services
    • 5.9.5 Marketing and Distribution
    • 5.9.6 End Users
    • 5.9.7 Post Sales Service
  • 5.10 Porters Five Forces Analysis
    • 5.10.1 Overview
    • 5.10.2 Bargaining Power of Buyers
    • 5.10.3 Bargaining Power of Suppliers
    • 5.10.4 Degree of Competition
    • 5.10.5 Threat of New Entrants
    • 5.10.6 Threat of Substitutes
  • 5.11 Price Analysis

6 Market Breakup by Mode of Transaction

  • 6.1 WAP
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 NFC
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast
  • 6.3 SMS
    • 6.3.1 Market Trends
    • 6.3.2 Market Forecast
  • 6.4 USSD
    • 6.4.1 Market Trends
    • 6.4.2 Market Forecast
  • 6.5 Others
    • 6.5.1 Market Trends
    • 6.5.2 Market Forecast

7 Market Breakup by Application

  • 7.1 Entertainment
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Energy and Utilities
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Healthcare
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Retail
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast
  • 7.5 Hospitality and Transportation
    • 7.5.1 Market Trends
    • 7.5.2 Market Forecast
  • 7.6 Others
    • 7.6.1 Market Trends
    • 7.6.2 Market Forecast

8 Market Breakup by Region

  • 8.1 Asia Pacific
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 North America
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Europe
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast
  • 8.4 Middle East and Africa
    • 8.4.1 Market Trends
    • 8.4.2 Market Forecast
  • 8.5 Latin America
    • 8.5.1 Market Trends
    • 8.5.2 Market Forecast

9 Competitive Landscape

  • 9.1 Market Structure
  • 9.2 Key Players
  • 9.3 Profiles of Key Players
    • 9.3.1 FIS
    • 9.3.2 Gemalto
    • 9.3.3 MasterCard
    • 9.3.4 PayPal
    • 9.3.5 Alipay
    • 9.3.6 Visa
    • 9.3.7 Apple
    • 9.3.8 Google
    • 9.3.9 Samsung Electronics
    • 9.3.10 Bharti Airtel
    • 9.3.11 American Express
    • 9.3.12 Bank of America
    • 9.3.13 Citrus Payment Solutions
    • 9.3.14 LevelUp
    • 9.3.15 MobiKwiK
    • 9.3.16 One97 Communication
    • 9.3.17 Orange
    • 9.3.18 Oxigen
    • 9.3.19 Square
    • 9.3.20 Venmo
    • 9.3.21 ZipCash Card Services

List of Figures

  • Figure 1: Global: Mobile Payment Market: Major Drivers and Challenges
  • Figure 2: Global: Mobile Payment Market: Sales Value (in Billion US$), 2015-2020
  • Figure 3: Global: Mobile Payment Market: Breakup by Mode of Transaction (in %), 2020
  • Figure 4: Global: Mobile Payment Market: Breakup by Application (in %), 2020
  • Figure 5: Global: Mobile Payment Market: Breakup by Region (in %), 2020
  • Figure 6: Global: Mobile Payment Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 7: Global: Mobile Payment Industry: SWOT Analysis
  • Figure 8: Global: Mobile Payment Industry: Value Chain Analysis
  • Figure 9: Global: Mobile Payment Industry: Porter's Five Forces Analysis
  • Figure 10: Global: Mobile Payment (WAP) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 11: Global: Mobile Payment (WAP) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 12: Global: Mobile Payment (NFC) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 13: Global: Mobile Payment (NFC) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 14: Global: Mobile Payment (SMS) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 15: Global: Mobile Payment (SMS) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 16: Global: Mobile Payment (USSD) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 17: Global: Mobile Payment (USSD) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 18: Global: Mobile Payment (Other Types) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 19: Global: Mobile Payment (Other Types) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 20: Global: Mobile Payment (Entertainment) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 21: Global: Mobile Payment (Entertainment) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 22: Global: Mobile Payment (Energy and Utilities) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 23: Global: Mobile Payment (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 24: Global: Mobile Payment (Healthcare) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 25: Global: Mobile Payment (Healthcare) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 26: Global: Mobile Payment (Retail) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 27: Global: Mobile Payment (Retail) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 28: Global: Mobile Payment (Hospitality and Transportation) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 29: Global: Mobile Payment (Hospitality and Transportation) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 30: Global: Mobile Payment (Other Applications) Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 31: Global: Mobile Payment (Other Applications) Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 32: Asia Pacific: Mobile Payment Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 33: Asia Pacific: Mobile Payment Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 34: North America: Mobile Payment Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 35: North America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 36: Europe: Mobile Payment Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 37: Europe: Mobile Payment Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 38: Middle East and Africa: Mobile Payment Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 39: Middle East and Africa: Mobile Payment Market Forecast: Sales Value (in Million US$), 2021-2026
  • Figure 40: Latin America: Mobile Payment Market: Sales Value (in Million US$), 2015 & 2020
  • Figure 41: Latin America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2021-2026

List of Tables

  • Table 1: Global: Mobile Payment Market: Key Industry Highlights, 2020 and 2026
  • Table 2: Global: Mobile Payment Market Forecast: Breakup by Mode of Transaction (in Million US$), 2021-2026
  • Table 3: Global: Mobile Payment Market Forecast: Breakup by Application (in Million US$), 2021-2026
  • Table 4: Global: Mobile Payment Market Forecast: Breakup by Region (in Million US$), 2021-2026
  • Table 5: Global: Mobile Payment Market Structure
  • Table 6: Global: Mobile Payment Market: Key Players
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